Engadget is providing the best coverage of Verizon and Apple's announcement this morning. Here's the quick gloss:

11:09 a.m.: Verizon is definitely releasing an iPhone 4 in early February..

11:11: a.m.: Will run on the CDMA network. Will have all the usual features like FaceTime, etc.

11:15 a.m.: "I want to spend a minute on how robust our network is. We have designed this network for customers to have an optimum experience. We have been drive testing this on our network. We're now into the thousands of devices, and we could not be more pleased."

11:18 a.m.: $199 for the 16GB, $299 for 32GB. Mobile Hotspot included for up to 5 devices.

11:20 a.m.: Available to pre-order for existing Verizon customers on Feb. 3. On sale officially Feb. 10. No word yet on what kind of monthly charges.

Bottom Line: It's an iPhone 4, but on Verizon's CDMA network, which means that the call quality will be better than on AT&T (with fewer dropped calls), but the Internet service will be slower. Also, and this is crucial, on CDMA, you can't use voice and data at the same time, so don't expect to look up directions while you're on the phone. The coolest thing the Verizon iPhone will offer is probably the Mobile Hotspot, which will provide Wi-Fi for up to five devices, which presumably includes your laptop when you're away from your home or work network. But again, you won't be able to be on the phone and surfing the web on your laptop at the same time. No word yet on pricing on any plans.