Read this first: Do I have the newest firmware?

Here's how to check for yourself, to see if you have the newest firmware

From the home menu
Main Menu >> Settings and Tools >> Phone Info >> SW/HW Version

Your SWVersion will tell you want version you have
VX970V?? (where ?? = your version number)

The standard version most LG Dares come with is 03, or v03

The newest firmware version is: v06 

Following comments added by Da Dare Dude:

You can get your phone updated at your local Verizon store.  Call first to make sure they have the latest version 6 on their system.  The update may take about 30 minutes, longer if the store is busy.  There is no charge to get the update.

And in case you were wondering - NO you cannot update your phone using the Software Update option under Phone Info.  Verizon has not yet implemented that feature.

MobileBurn.com - Definition of "firmware"

Firmware refers to the applications and operating system that control how a cellphone or smartphone operates. It is called firmware rather than software to highlight that it is very closely tied to the particular hardware components of a device. Firmware is generally flashed into a phone's ROM rather than simply being loaded into normal phone storage, where it could more easily be erased and lost in the event of a crash. Firmware updates are sometimes provided by a company as a way to fix bugs or introduce new functionality.

Firmware Update V05 Includes...

It appears that LG and Verizon have not official listed the enhancements and fixes included in this update. 

I have searched the net and came up with the following list. 

I will update the list as I find more confirmed reports.

• Corrected identified bugs with Media Center.
• Corrected identified bugs with Mobile Web.
• Corrected identified bug with Touch to Unlock.
• Corrected identified bug with Default Homepage.
• Corrected identified bug with Album (list to track order).
• Corrected identified bug with Object Info on song.
• Corrected identified bug with Fav disappearing after selecting fav and then touching phone symbol.
• Corrected identified bug with Video Recording when receiving pic, vid, etc.
• Improved Bluetooth performance.
• Improved Touch Screen responsiveness.
• Revamped MediaFLO Chip (coding) to allow Verizon to enable Mobile TV.
• Revamped Visual Voicemail (coding).
• Revamped Antenna (coding) to improve quality and coverage.
• Revamped Extended Battery (coding) to extend duration between charges.
• Master Volume sets to Vibrate.
• Personal Banner is now BOLD.
• A few Camera Settings (gear icon) now save.
• Brew changes from V03 to V05 - File system differences...