Didn't require a reset on mine. As for what it changes, this was posted by LabRat under the Droid November Update Thread.
What's new:
Google Drive is now preloaded with 50G promotion
Wireless charging UI has been enhanced for better connectivity
4G LTE performance has been improved to support faster connection
Motorola Assist has been improved for better stability
Google Voice Now now returns cards with audible feedback when location setting is enabled
The latest version of NFL™ Mobile has been added
Viewdini has been removed as a preloaded application
Device now charges when connected to Mophie Juice Pack Powerstation
Sky Detection has been improved to lighten dynamic scenes
High Dynamic Range (HDR) has been tuned to trigger more frequently
Viewfinder has been improved for more consistent exposure
Automatic White Balance (AWB) has been improved for overall color enhancements
Here is a screen shot after update, which I would have thought to take one prior:No, it?s not getting an update to 4.2 (let alone something newer). Instead, this is mostly a maintenance update including a new version of Verizon?s backup assistant, a more accurate GPS icon, improved HDMI performance, and the ability to use Rapid Charging while the device is off.