While I'm excited Verizon is getting the Iphone once and for all, I do have a few questions. Does it make sense to purchase this model with no LTE capability, and will Verizon honor upgrades with the Iphone 5 probably coming out by July?
No, they will not honor the upgrades. At all. You get an iphone 4 on a 2 year contract, you're waiting 20 months until you get a new device. AT MOST, you might get some sort of early promotion in 2012 when they come out with whatever they do that June, but don't count on it.
When ATT did their early upgrades, it only pushed the date 6 months in advance, so you still needed to have a phone for almost 2 years before you could upgrade early.
The only real exception to this was the original iphone, because people bought it unsubsidized, so they could upgrade early because it didn't cost the carrier nearly as much.
They MIGHT allow some sort of early upgrade, but it will be expensive.
If you're really concerned about getting the la... (continues)
If there's one thing we know about Verizon, its that you shouldn't hold your breath waiting for new handsets to arrive. Pre 2, HTC merge, etc. Get something you like now, because whatever you're waiting for will probably get delayed or maybe even cancelled.