Verizon Wireless is rolling out an update for the Droid Bionic which is a small glitch fix update not Android 4.04 ICS.
The update offers better 4G LTE connectivity, recalibrated call volume for Bluetooth and improved visual voice mail.
It will take approximately 10 to 15 minutes to download and 5 to 10 minutes to install. You will not be able to make or receive emergency phone calls during the update. Be sure to that your Droid Bionic is at least 40% charged. It is always a good idea to backup your data first.
Generally, Verizon Wireless updates start very slowly on Wednesday and Thursday and then get pushed out in full force over the weekend.
From the Home screen, tap the Menu Key > tap Settings > About phone > System Updates > Download.
According to the latest version of the Motorola Android 4.0 update list, the update to Android 4.04 ICS is scheduled for the third quarter of this year.