It needs to be updated to work on your CDMA iphone.
Not everything will work as smooth yet since the Verizon iphone is still not available on most Devs and they need to work on enabling compatibility.
Yep, update 4.51.1 for MyWi is out with a fix for iOS 4.2.6 (Verizon iPhone).
Inteliborn is staying on top of things with fast updates and fixes.
Very nice.