Apple and Verizon Wireless have just announced that the Apple iPhone 4 smartphone will be available on the Verizon Wireless network beginning on Thursday, February 10, 2011. Qualified Verizon customers will have the chance to pre-order that Verizon’s version of the smartphone online on February 3, but, before general availability.

Unlike the current AT&T iPhone 4, Verizon’s will use the CDMA network, not UMTS. It should be noted that if users plan to take their smartphones outside the U.S., this will severely limit their choice of networks, or could even keep them from using their smartphone altogether. Users will also not be able to check email or to surf the Net while on phone calls, as CDMA does not allow for simultaneous data and voice operations.

In the demo area which Apple and Verizon opened up after their Verizon CDMA’s iPhone 4 unveiled, we got some hands-on time with the actual device. During the event, the Verizon’s iPhone 4 is largely the same as the AT&T’s iPhone 4, with some slight changes to the antenna on the side. And there’s one more thing: the Verizon iPhone 4 is running an unreleased version of iOS. Verzion 4.2.5 (8E128), to be exact.

Not that this should be surprising. The Verizon iPhone 4 smartphone comes with one very key and very killer difference than the AT&T’s iPhone, Personal Hotspots capabilities, which will allow users to connect with up to five WiFi enabled devices. In order to use this new feature, clearly there’s a need for modified software. And that software, iOS 4.2.5, will presumably launch alongside the Verizon iPhone 4.

One question is if the AT&T iPhone 4 will also get an upgrade to iOS 4.2.5 at that time, or if it will be Verizon-only? Perhaps, the two will merge again with iOS 4.3. Or - wait for it - iOS 5.

Verizon iPhone 4 smartphone will be available at a price of $199.99 for the 16GB model, or $299.99 for the 32GB model, with a two-year contract agreement. Besides all the usual Apple retailers, the smartphones will also be available at Verizon Wireless Communications stores across the U.S., and via the Verizon official website. The CDMA version of the iPhone 4 is not exclusive to Verizon, so it’s entirely possible that other networks might start offering it as well.

The Verizon iPhone 4 is a nice addition to the Verizon catalog. It is well-supported, immensely popular, and there is already a fervent fan base. However, this model has a fatal flaw: CDMA. CDMA is an interstitial technology right now as carriers roll out LTE and we suspect we have at least another year before the Verizon iPhone 4 will come in an LTE model. Apple is still supporting GSM/3G, as well, so this will not be a matter of the Verizon iPhone leapfrogging AT&T.

So should you purchase it? If you’ve been waiting for the iPhone on Verizon and you’re happy with your current phone/contract, then wait a little more. There will be a new version coming in June 2011. The Apple iPhone 4 is already old technology, at best, especially given the rapid pace of change. Are you planning on making a change and signing a new contract anyway? Go for it. You’ll have an iPhone 4 for about two years and then you can get the greatest and latest. However, if you travel in any way, do not purhcase this smartphone. It will not work in Europe.

Last but not least, we hope that cleared things up a little. We tried to consider some of the possible use cases and there are obviously many. Verizon is currently America’s largest wireless provider. To date, the iPhone has only been available via AT&T, although the deal with Verizon has been in the works for some time now.