Verizon likes to have full control over the devices which Google doesn't want in its Nexus program. Verizon also doesn't see the potential (Profit) in the Nexus which may not be too far off as it is mainly just us Android addicts that go crazy over it, most mainstream consumers are looking at the G2, Moto X, HTC One, and GS4 (All of which Verizon has on their network).
As for when we will get the update really relies on Samsung and if they want to make it available for the Note 2. The 4.3 update was in the air for a while and being that the GS5 will be announced early next year we may never see 4.4 officially. If we do we may be in luck for once as Verizon and Samsung seemed to have synced up nicely with the 4.3 release and Verizon is actually one of the first carriers to push it out to their Galaxy devices (Note 2, GS3, GS4) but who knows.
I think the low memory requirements for Android and 4.4 were more for porting it to new devices such as watches and to support current low end models, not getting older forgotten about devices finally upgraded.
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