I know, I know. 4.0.2 sounds a lot like Android 4.0, but it isn't. It's actually Gingerbread 2.3.4, and Verizon Xperia Play owners who wish to rock out like it's May 2011 need only mash the update button. 

The good news (in addition to the version bump) is that this update will let you take pictures with the right trigger (how did they not think of that earlier?), enable 720p video with continuous autofocus, and fix those crazy bugs like charging forcing landscape mode. You also get to take screenshots with the power button. The bad news is that it will install Verizon Video on Demand and Verizon Navigator.

To save you the horror of having to open a PDF, here's the full list of everything in the update:

Applications

  • Verizon Wireless Video on Demand now comes preloaded.
  • Improved user experience and new delivery method of preloaded games.
  • When connected via Bluetooth®, the Music Player now supports Fast Forward and Rewind.
  • VZ Navigator® has been updated with the latest 3D map improvements.

Device Operation

  • Upgraded to Gingerbread 2.3.4 operating system.
  • A long-press of the power button will successfully capture a screen shot.
  • Charging issues forcing device to remain in landscape mode have been resolved.
  • Recommended contacts now populate correctly when using the dialpad.
  • Camera Improvements:
       • Right trigger successfully captures a picture. 
       • Record video in 720p with continuous auto-focus.
  • Device is now enabled with the Wireless Emergency Alerting System.
  • Mobile Hotspot ID broadcast can be turned off to increase security.

Like I said earlier, just hit that update button for the OTA, and keep holding out hope for that real 4.0 update.

Source: Verizon Support via XDA (Thanks, Erik)