Well, I think since more and more rumors are coming along about it. We should have a single thread about it. I will also include a FAQ here about it. Yay, me, and my sources MacRumors & cnet. 
FAQ
Hope that FAQ was good and have fun discussing.
FAQ
What are the reasons people are expecting a Verizon iPhone?The rumors have been around for years, but recently there has been more and more "evidence" that Verizon is getting the iPhone.
One of the first clues was the Wall Street Journal said that Verizon would get the iPhone early 2011.
AT&T raised early termination fees to a higher price. Some take this as a clue that AT&T knows people will leave for Verizon.
Verizon will start selling the iPad starting October 28th.
Verizon is hiring more people for their call centers. Some people think that Verizon is hiring them to help people with bugs they may get with a new iPhone.
AT&T is trying to convince people to get different smart phones.
AT&T exclusive contract ends in 2011 or 2012.
"Leaked Photos" were posted on the internet. These pictures can be seen here.
Some AT&T users would switch to Verizon if it got the iPhone.
When will the Verizon iPhone be released?
Nobody knows. That is really up to Apple and Verizon to decide. Anyone who claims to know the date is kidding themselves and everyone else.
Will it support Verizon's 4G network coming soon?
Probably not. Apple typically waits a while before releasing an updated #G iPhone.
Will I be able to use my AT&T iPhone on Verizon?
No, Verizon uses CDMA technology and AT&T uses the non-compatible GSM technology.
How would the Verizon iPhone be different from AT&T's iPhone?
Verizon's would use the CDMA technology mentioned above, or Apple may release a dual-system iPhone that is compatible on both networks.
Verizon's also wouldn't be able to talk and browse the web at the same time.
CDMA devices typically use more energy than their GSM counterparts.
Verizon may also add V-Cast to the phone though unlikely since that was one of the reasons Apple chose AT&T over Verizon when the iPhone first came out.
I'm on AT&T will I be charged a fee for switching to Verizon before my contract expires?
Yes.
What would happen to *insert smartphone OS here*?
What? Do you think Verizon would stop selling those phones? No. Verizon loves money. And each OS has a loyal fan-base. iOS is a gaming phone, BlackBerry OS is a business phone, and etc. Each OS has it's own place in the market. The only thing that might happen is that their sales might slow.
Would Verizon slow down if a lot of people switched?
More than likely.
Would AT&T speed up if a lot of people switched?
More than likely.
Will *insert phone company* get the iPhone?
That depends on that company and Apple. And why ask that on a thread about the Verizon iPhone?
Hope that FAQ was good and have fun discussing.