Update: It looks like a similar update is also being sent out for the DROID 4. The same roaming and data fixes are mentioned on Moto's support page.
Good news, Verizon Motorola DROID RAZR users: there's a new update coming your way. Bad news: it's not KitKat, or any kind of Android version upgrade. Nope, this is a humble maintenance update, meant to address a few niggling bugs and nothing more. Try to contain your excitement. DROID RAZR MAXX users should get this update as well, since the software on that particular phone is identical to the DROID RAZR. The last official OS update for these phones was Android 4.1.
According to Motorola's support page, the 98.72.165.XT912.Verizon.en.US update changes only two things: it fixes a bug that could cause the data roaming warning to appear when it shouldn't have, and another bug that caused connectivity issues when roaming on the Telus network in Canada. That's nice.
The over-the-air update should be disseminating across the network now. You can check for the update manually via the About Phone menu, of course, but I doubt too many users will be losing sleep over it, even if the staggered rollout process is particularly slow. Motorola didn't mention a file size for the update, but since it probably targets two very specific changes in the radio, I don't think it will be larger than 20MB.
Source: Motorola Support