I do.
Outwardly it looks the same, but inside it is substantially different.
Look at MacFixIt.
the verizon iphone 4 is near identical to the 4s inside. This shows they did a revision which is used in both. Much cheaper.
They also still have the same 3.5inch screen saving them a wedge on screen costs. The iphone 5 is rumoured to have a bigger screen but they released the 4s instead.