We've got good news, and we've got bad news. The good part first -- The LG Phoenix has a shiny new Gingerbread update waiting for it, bumping a bit of new life into one of last years best "beginner" Android phones. You'll get all the goodness that sits under the hood in Gingerbread, and because LG is light on the changes you'll see a lot of the new goodies as well. Everyone loves an update, no matter how long they have had to wait.
Now for the bad news. You'll have to use LG's notoriously bad Mobile Support Tool to update the phone. It's Windows only, and has a pretty bad track record when it comes to working as it should. I'll go on record saying it's as bad or worse than Kies, and I hate Kies.
Anyhoo, if you're rocking an LG Phoenix, a Windows computer, and can set up drivers and hardware, grab the update. Full instructions (you're gonna need them) are at the source link, and always shout out in the forums with questions.