My short chat with Kyle from LG tells me otherwise:
Mobile Phone Support: Good morning you're through to Kyle, how can I help you today? Following this chat there is a short survey that will allow you to rate the Live Chat service you have received today. We appreciate all feed back given.
Me: Hi, I was just curious if the LG Optimus 7 will receive the Windows Phone 7.8 update?
Mobile Phone Support: Unfortunately we do not have any update information.
Me: How would I be able to find out if it will get the update?
Mobile Phone Support: You will need to contact Microsoft as they handle the updates.
Me: So the update would go through Microsoft and not yourself?
Mobile Phone Support: They release the update and then we release it to the consumer.
Me: Fantastic. So support for the Optimus 7 is still active?
Mobile Phone Support: That is correct.
Me: Thank you very much