Just chatted with LG which was a pretty useless conversation as it seems the forum members here know more about this phone than LG does. Here is the conversation:
Miguel: Hello Guest. Welcome to LG Electronics U.S.A.! How may I provide you with excellent service today?
Guest: just wondering if there is any official word yet on the promised release for the OS upgrade from froyo to gingerbread on the P505
Miguel: I'm sorry but there have been no releases regarding that, I'm afraid
Miguel: As far as I can see on the phone specs it works only with 2.2
Guest: is this something that will be released by LG or something AT&T will release?
Guest: no the phone specs will work with 2.3 as it is the same as the p500 which has 2.3 in several countries and carriers do far, according to an AT&T press release the Phoenix P505 was one of the phones slated for the upgrade to 2.3
Miguel: Actually no, those phones do not have the same specifications, I'm sorry
Miguel: Two different models for two different markets
Guest: aside for a flash and dedicated camera button yes they do
Guest: the p505 is a AT&T branded version of the optimus one (P500)
Miguel: I'm sorry you may be confusing the products, this device does not work with 2.3
Guest: Miguel I'm sorry but a simple search on the internet will show you that they do in fact have the same specs
Guest: I understand that you have no official word on this but seriously get your facts straight you work for the company that makes this phone you should know a little more about what your supporting
So with that said LG is either going to be completely quite on this one or Miguel just doesn't know what the heck he is talking about.
I think our best bet for getting gingerbread may be the guys over at XDA. I think we need to start begging some developers for a custom ROM for the P505/P506.