The release cycle is for new generations of iphones each June. The verizon iphone will be, according to the WSJ & the NY Times, simply a CDMA version of the iphone 4. Apple releases iphone to new carriers off cycle all the time, and a verizon iphone 4 would be another off cycle release to a new carrier. Its really nothing new/exciting.
The June 2011 iphone is likely to be either a multi-band CDMA & GSM phone and or one that is LTE capable also.
I highly doubt Apple will make an LTE capable phone until at the very earliest the 2012 iteration.