The update is generally MUCH faster, and now supports the Droid, Motorola Devour, Drois Eris, Droid Incredible by HTC and many more.
(Note: Some phones are not yet listed on the Verizon Wireless website which is just being updated).
The free software, produced for Verizon by Smith Micro has been available for some time but only supported Verizon's '3G multimedia' offerings. Many smartphones are now being included.
Features include import from Windows Media Player and iTunes, integrated access to Verizon's Media Store, image editing, CD ripping and burning, and more.
Important: Some phones will need an in-store update (even if they are OTA-compatible) in order to connect with the software. Other phones should be checked at a store for the latest software updates - Numerous LG and other phones have updates that are available, solve many problem,s and were simply too large to deliver via OTA.
The original Media Manager page appears to be down as of this writing, or is being moved here. Despite the latest recommendations, this version seems to run fine on Windows 7 Professional.
A Google search should bring you information on whether or not your phone has new software (store-only) available. While you will find numerous updaters on manufacturers' websites, you run the chance of bricking your phone. Most Verizon stores have the latest updates within 2-4 weeks of release.