Here is a link to a USA Today article.
Click Here
Looks like you can use it as a wireless hot spot. I'm sure extra charges and limitations will be in place when they release the phone plans.
Here is one thing I would not like, from the USA Today article:
"As with other CDMA phones, you can't use the Verizon iPhone to handle what techies refer to as "simultaneous voice and data." The plain English meaning is that you can't gab on the phone and consult GPS maps or check your email at the same time. So that's one bragging chip AT&T can hold onto."
I know we have used both phone and data with our current AT&T iphones.
And.. I would hold on.. I also have a Blackberry (work phone) with Verizon and the data service is not as quick as it is on my personal iPhone. Maybe that is the phone not the service?
Having AT&T for a couple of years now and the Iphone we are quite pleased, in fact I have better coverage with AT&T in several parts on NJ that Verizon is non existent.