Following in the footsteps of the Verizon LTE versions of the original 8.3-inch and 10.1-inch models, the LG G Pad 7.0 is getting its own update today, at least according to Verizon's typical support update. Owners of the tablet should start seeing the over-the-air update starting sometime in the next 12 hours or so, though of course it could take over a week to reach everyone, thanks to American carriers' habit of staggered software rollouts.
Verizon's PDF is more detailed than most of its update notices, but there's nothing in the notes that isn't included in the standard version of Lollipop (unless you count LG's four-button virtual nav layout, which remains but gets Lollipop icons for the standard buttons). The Android version is 5.0.2, and no, I wouldn't hold out for 5.1 any time soon, if at all.
- Verizon (PDF)