So I'm glad that Verizon clarified what is going to happen. I ran the numbers for my personal plan:
If I dump my unlimited I'll be paying roughly $108 a month to have my talk, txt and 5GB of data (including phone insurance, taxes and any other charges). That comes out to $2592 for 2 years. Plus the cost of the new iPhone when it comes out $300. Thats $2892 for 2 years.
If I stay with my unlimited plan I'll be paying about $80 monthly to have talk, txt, and umlimited data. Which comes out to $1920 for 2 years. Plus the full retail cost of a new iPhone which is $750. Thats $2670 for 2 years.
It comes down to a $222 difference, which would be $9.25 a month.
Unfortunately I don't have $750 to cash in on a new phone. To me its a little ridiculous. Yes I'll be paying more for less data, but honestly, $10? I barely use 1GB per month. I just chose to go with the 5GB because if the next iPhone is LTE, I know I'll use it a bit more.
So for me it comes down to service. Verizon is the best service around unfortunately. Also comes down to my personal finances. I know I won't be able to drop $750 for a new iPhone. I guess I'll be going for the 5GB and letting go of my unlimited data.
Oh well. It was good while it lasted.