Yes they are the same phone however the LG Optimus Exceed is the prepaid version and only supports up to 3G while the Lucid supports up to 4G.
I'm not sure what you mean by the new OS of android. Officially the Lucid (and the Exceed) come with ice cream sandwich 4.0.4. There is a custom ROM of cyanogenmod 10 that is Jellybean 4.1.2 and that should work for both phones.
The battery life is okay, not great. There is an extended battery you can get although I don't have it.
I have the LG Optimus Exceed and can confirm it is an LG Lucid and I installed the 4.1.2 Jelly Bean custom rom(For the Lucid) and it runs so much smoother if you can put up with a few bugs. But I decided to go back to stock 4.0.4 ICS due to the bugs and I flashed it to the stock LG Lucid VS840 4G firmware and it works just fine, but its stuck on 3G(as wiisixtyfour mentioned) as it has a fake plastic sim card, that can be removed if you want to totally break any warranty you may have(Do not suggest this), but if you put in a sim I'm betting you could get LTE on it as well, assuming that you flashed it to a VS840 4G. Seeing as that would cost an extra $40 a month, it is not worth it imo. I also have the extended battery, so the battery life is a lot better than stock.
Ok, I just opened up the VS450PP and i saw no evidence of anyfake plastic sim. Maybe not the same device? I dont need it as mine works on met 10 amd 3g is just fine. I kust like to poke around.
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