If this really is the case, I'll be happier than a pig in a blanket. Hell, I'd take the iPhone 3G on this plan if it included this!
They are not bringing over older models, just the iPhone 4 (and future models).
I emailed Verizon, and they said you will be able to add a line during the preorder. So you should be good, as long as you have at least one line on Verizon.
Glad to hear. I have a hotspot and I'm gonna add a second line for an iPhone. I like that the iPhone has a hotspot, but I might as well keep the old one. I can't have my internet get interrupted by taking a call.