If the Verizon iPhone is announced, here's what I believe the phone will be. First of all, the phone will look just like the iPhone 4 looks now, and the interface will look exactly the same. The phone will likely be called the Verizon iPhone. But later, another phone called the Verizon iPhone 4G (the LTE version) will show up.

A Dual-mode iPhone?

Under the hood, of course, there will be differences. The phone will support -- the wireless technology used by the Verizon 3G network. That will enable to Verizon to sell the phone in all its markets.

I think the phone will be a dual-mode phone that will also support GSM/UMTS/HSPA+, the technology used in the AT&T 3G network. This way, Apple will be able to manufacture one phone that it can sell to both Verizon and AT&T.

In theory the phone could be sold by Sprint (CDMA) and T-Mobile (GSM/UMTS/HSPA+). I'm not suggesting that Sprint and T-Mobile will begin selling the iPhone anytime soon, just that it would be technically possible.