I would have said no chance for LTE for iPhone 5. But now it's looking more like a 4S, that might be their big selling point.
If it is a 4S, they won't have put much work into the phone, the A5 already exists in the iPad etc, so they may have just got LTE in there. 16 months to just change internals, it's gotta have more than just the A5 proc, a RAM boost and an 8MP camera.
Maybe it'll be, the iPhone 4GS.
The other problem is it may not initially be available on Verizon. Could be just a GSM phone, with the iPhone 5 the phone for all the networks.