Did this the other day. Didn't fry my sim card. Everything is working just fine. If you add *228 as a contact phone number, it will call it. (I actually did *22899, same thing, just don't have to press a number when it connects.)
That being said, there is a large consensus that this could fry your sim. I personally have a feeling this was started as hearsay and has grown to be the "truth". However, if it messes anything up whatsoever, its not my fault. Also, 4g automatically updates new towers, so other seems to be no need for *228 on a 4g phone.
Survivor of the Great 2011 Verizon Google Samsung Galaxy Nexus Prime Debacle and proud owner of a Galaxy Nexus and Original Droid 1/Milestone. Sent from my Sexy Lexus Galaxy Nexus.