January 27th, next week, Apple will hold a press event and unveil their latest new product. We're all expecting to see the tablet launch that day. However, the iTablet is unlikely to be the only product announced then. Steve Jobs has a habit of ending his press events with "one more thing". If Barron's is correct, next week's "thing" is going to be the Verizon iPhone 4G.
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This CDMA iPhone will support European GSM and HSPA standards and will be followed next year by the iPhone 4G S, which will come with LTE support. OS 4.0 will also be announced on the 27th, adding multitouch gestures and multitasking across the OS. This update will likely be limited to 3G and 3GS phones.
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I wouldn't be surprised if a Verizon iPhone were to make an appearance at Apple's event, but there's no way Apple will go without a refresh of their primary iPhone line. The 3GS is already starting to fall behind some of its competitors. I can't imagine that Verizon customers will be the only ones to get new hardware.