The HTC 4G Thunderbolt was released last week into Verizon’s ultra fast 4G LTE network and many are praising the phone’s speed and performance.

The phone, a descendant of the EVO runs on Verizon’s 4G LTE (Long Term Evolution) network, which isn’t available everywhere yet, but is being called one of the fastest phones around. “The Thunderbolt delivered by far the fastest cellular data speeds I have ever experienced on a wireless phone. In my tests, it blew away not only common 3G phone speeds, but the 4G speeds offered by rival carriers. In fact, it was faster than many home land-line Internet connections,” said the Wall Street Journal’s Walter Mossberg, adding that he conducted dozens of cellular-data tests across the Washington and Orlando metro areas.

The HTC Thunderbolt costs $249.99 with a two year Verizon Wireless contract. It runs on Android 2.2, is 4.75 by 2.44 inches and has a 480 by 800 resolution screen. It’s equipped with an 8 megapixel camera and delivers HD 720p video recording, reports Eweek. The game also boasts download speeds of 11-plus Mbps and upload speeds of 4-plus Mbps.

“Whether it was basic Google searches or multiple YouTube videos or games launching back to back to back, the software danced and sparkled on the screen, thanks to Verizon’s 4G LTE. I downloaded a dozen applications, all just to watch them land from the Android Market to the Thunderbolt in 5 to 10 seconds,” added Eweek’s Clint Boulton, who was also able to install books and update Facebook application in under 3 seconds, he says.

Although users are touting the HTC Thunderbolt’s speed, the phone reportedly goes through battery fairly quickly and the use of the 2.2 Android platform instead of the newer 2.3 has some customers skeptical. However Verizon has come up with a solution. Gizmocrunch reports that an Android 2.3 Gingerbread update will be available for HTC Thunderbolt users in the Q2 2011, and just might solve any small imperfections the ultra speedy phone has, and smooth out any ruffled techie feathers.