The LG Optimus V has an update waiting for it, you might have received a text message from Virgin about it. The update offers a security fix "that will protect your handset from security vulnerabilities that may occur either through a remote attacker’s access attempt or through a 3rd party application’s ability to access code that could be used to exploit data on the handset". They even provide a link to the National Vulnerability Database on their FAQ page, making it look very official and serious.
You'll have to download the update and install it manually via your computer (see the source links for details), and you won't have a new version of Android to play with when you're done, unfortunately. But security patches are the types of updates that are truly important, so it's good to see them.
In all likelihood, these exploits being patched will kill the current root methods. Rumor has it that this is the only reason for the update, but rumors are rumors. In any case, if you're riding the root train on your Optimus V (and with the dev team we have in the forums, who could blame you?) you should probably skip this one until those same developers say differently. For everyone else, see the links for more details.