Battery life has been improved while making calls, the call log now has phone icons on entries for quick callback, outgoing calls from the Visual VoiceMail app are now placed properly, pressing and holding 1 now takes you to voicemail, audio has been improved, LTE is more accurately detected, the browser performs better, a new email folder structure has been implemented, email and calendar sync has been improved, the Droid Charge is now recognized immediately when plugged into a PC in USB mass storage mode, GPS performance is now better, and ringtones purchased from Verizon's website are now recognized by the device.
But perhaps the biggest improvement of all is that the mobile hotspot functionality now works. For a full list of the changes that this update brings, read through this PDF file over on Verizon's website.
The update is over-the-air, meaning that you won't need a computer to perform it. Your phone will notify you that there's an update available, and you go from there. If the update hasn't reached your particular Droid Charge, don't panic – these things sometimes take days to get to all devices. For detailed update instructions, consult this PDF that Verizon has made available.
source: Unwired View