Verizon yesterday gave a name to it's new enhanced LTE service - they are calling it "XLTE", and it is live in 44 states now.
If you have a compatible device (most recent flagship phones are), you will now see as much as a doubling of speed in certain areas. And even if you do not have a compatible phone, you may see speeds increase as the newer phones start using the new frequency bands, freeing up space in the older bands.
The important thing to be aware of is to NOT buy a new Verizon phone that is not XLTE compatible - you always want to maximize your future capabilities.
For a list of the compatible devices and cities where XLTE was just turned on, you can check out this link: