Marco.org: A Verizon reality check
There would almost definitely be a Verizon Wireless logo somewhere on the iPhone’s case, probably on both the front and back. There may be separate Verizon music, video, and app store icons that you can’t delete. At least one major feature may be disabled at Verizon’s request — say, turn-by-turn navigation — because they want to sell you their own version for an additional monthly fee.
This is my biggest fear regarding the introduction of a Verizon iPhone, and the main reason I think it’ll never happen.