Owners of the LG Chocolate should go to Verizon stores and ask for firmware version V04 for your phone to enable speakerphone functionality.
Not all Verizon stores have this update now, and not all of them will agree to update your phone. If that's the case, and you're feeling brave, you can try and update it yourself. Keep in mind Verizon probably considers that a breach of warranty.
Chocolate Update Turns Speakerphone On (Updated) [PCS Intel]
Firmware [Howard Forums]