Keep in mind - even though it's a Nexus, Google experience, developer phone, it's still tied to Verizon. I doubt we'll see any updates straight from Google without Verizon's blessing since it will be deployed on their network. I wish it was as simple as "4.0.3 is available in git so here's your official 4.0.3 update." However, I have a feeling VZW is running it through their "testing" process. Given what happened with the release, I think VZW has more control over this device than a lot of people realize/would like them to have.
The GOOD news is, unlocking and flashing 4.0.3 is about as easy as you can get. There are multiple how-to posts here on DF, xda, rootzwiki, androidforums, etc... There is enough support, that if there are any people who are unsure, they can simply pop in the forum and ask and get an answer rather quickly. If anybody has a link to the vanilla 4.0.3, that would be handy. I've seen AOSP, but most have some sort of modification done to them and it'd be nice if someone could post the full, unadulterated, ready-to-flash, AOSP 4.0.3.
If you're scared about unlocking/rooting/roming, don't be. Respect the process, but don't be scared of it. Learn what you can from the howtos, ask questions if you have any, watch youtube videos that literally walk you through the process. Then, when you're ready to start, take it slow and meticulous. It's not easy to brick a phone, but it's not impossible. Make sure you have a full charge and your phone stays plugged in. Copy the commands exactly. Double check before you press enter. Your first one is always the most nerve racking because you don't know if it's gonna work. Then it does, and it's awesome.