I'm not buying it (either in terms of the story, or in terms of a supposed hybrid phone if it does make it to market).
The baseband chipsets don't exist as mass market components (either in supply or feature set).
If they did, they'd suck down battery faster than you could keep the damn thing charged. I think it is pretty clear where Apple plays - technology that is applicable, relevant, and usable.
I don't think 4G is there yet, unless Qualcomm et al are hiding some major hybrid CDMA/LTE chipsets (the LTE-only chipsets themselves are power hogs - why do you think VZW hasn't rolled out handsets, they've limited 4G use to people hooking USB cards into a 3000mAh battery that can feed that 500mAh - 1000mAh draw).
Battery technology is getting better, and the chipsets are getting better, but not in time for a device in January. Maybe I'll eat crow, but I doubt it. If this happens (and it might), it's not going to be a great device that everyone is expecting (read: keep the 4G radio off and use it as a CDMA iPhone 4) or it's simply not going to exist. It's possible VZW needed a retort to ATT's simultaneous voice & data ploy so they included it to check that off the list and the phone will stick to EVDO for nearly everything...but the EVDO<->LTE carrier handoff isn't transparent (far worse than EDGE<->3G), so that is a usability issue in and of itself that I think Apple would not like.