I did the Droid update pushed by Verizon last week (7/2012). My phone is no longer functional. It is losing it's charge very rapidly, rebooting constantly, dying whenever it feels like it, etc. It corresponds 100% with the update as I had no problems before an immediately had issues afterwards. I have done a factory re-set, removed sim, dim, or whatever else is attached. It dies (intermittantly) while plugged in but 99% of the time when un-plugged. Verizon has told me that I have to purchase a new phone.
I have read post on other forums about the constant re-booting. Most people mentioned 2am but mine is doing it whenever it feels like it. Very disappointing!