The next gen iPhone won't be released in Summer for Verizon model. However I would expect this time next year for it to have LTE capabilities.
I love how people put out random facts like they have an inside with Apple.
Regardless I would wait a few months and see if Verizon announces iPhone 5. You already waited this long, might as well wait more
Now I turn my attention to the point of this thread: Should you wait? I waited. I was stuck on Verizon with Treos and Blackberries and even considered a Droid before I finally caved and went to At&t for the iPhone 4 (and cheaper albeit capped data rates) this past September. I'm sorry I waited so long. If you are walking around with a phone you do not like, there is no reason whatsoever to continue to suffer if you can afford a new one. iPhone 4 is a fine device. Knowing Apple, iPhone 5 will offer some new "must have" juice like proximity payments or something equally exciting but the fact is the main phone is a dream to use. If you don't believe me, get your hands on an iPod Touch and use it as a PDA as I did before I purchased my iPhone 4. Why not wait for iPhone 7 with its cerebral cortex implant, 300 terabytes of storage and 3d 1080p screen? Because walking around with a gimped phone is no fun. I should know. I did it from 2007 to 2010 and I'll never make that mistake again.What should I do?