iOS 4.2.8 for Verizon iPhone 4 is also available along with the iOS 4.3.3 for iPhone, iPad, and iPod Touch that fixes the much talked about location tracking bug in previous release.
The update process is same as always. You need to connect your iPhone to your computer via USB and start iTunes 10.2.2. You will be asked to update or download the latest release. Select “Download and Install” or Mac OS X users, select “Download and Update” to get this latest version installed.
Download Links
Download iOS 4.2.8 for Verizon iPhone 4
Download iTunes 10.2.2 for Windows and Mac
Further Readings:
iOS 4.2.7 for Verizon iPhone 4 Available for Download [Direct Link]