According to Boy Genius Report, one of their sources has already gotten their hands on the iOS 4.3.2 update, and reports that it appears to fix Verizon iPad 2 issues that have caused 3G connections to freeze.
According to their source, the update:
will fix the issues we’ve been hearing about with some Verizon iPad 2 models. Additionally, the new update is said to contain a fix for FaceTime in addition to security fixes for things like WebKit vulnerabilities and other minor changes.
It isn’t certain yet if this update is for Verizon iPhone 4s but that’s a bit …due as well.