It truly is update season as Google gets all its Nexus devices up to date prior to the presumed announcement of 4.2 at the event later this month. Today an update to 4.1.2 has started to reach the Takju variant of the Galaxy Nexus, and you don't have to wait if you don't want to.

Before you get too excited, your device is only compatible with this update if it meets the following criteria:

Your device is the Takju version of the Galaxy Nexus. This is the GSM Nexus being sold in the Play Store, not the European GSM Nexus.

Your device must be running the last stock update, version JRO03C. The new update file will only install over top of this build.

The OTA will likely reach all devices in the coming week or so, but you can manually get the update installed by grabbing the file from the link below. There are different ways to get this done depending on the status of your bootloader and recovery, but remember ADB sideloading is now possible. Check out the extensive thread over at XDA to find the method that works best for your situation. As usual, make a backup before you proceed, and don't come to us if you break something.

[XDA Forums, Update File]