My phone did the ICS update Thursday night and along with most of the rest of you it had problems. Mainly just being plain slow and whenever returning to the Home screen is took over 20 sec to load. After try several different suggestions from the forms and Verizon tier 2 techs, I just did the factory reset (with the help of the VW tech).
Side Note: (make sure you backup your contacts with Backup Assist or some app and I even used a SMS backup app to save my text messages).
The phone runs great and pretty fast. My suggest is just bite the bullet and do the factory reset. Trust me I know it sucks but it really does make everything work correctly.
(I also opted to reload my apps instead of backing them up and restoring them. I found that allot of them were outdated anyway)
Good luck everyone!