We just got a look at the Verizon version of the iPhone 4. Guess what? It's just like an iPhone 4! There's no custom pre-loaded Verizon software (like VCAST or some such bloatware), just that mobile hotspot tweak in the settings menu. There's also no Verizon branding on the phone, though that's hardly a surprise given Apple's hatred of all logos that aren't its own. The only real physical difference we can find are those tweaked CDMA-compatible antennas running around the edge -- four in all, placed symmetrically and bumping down the volume / mute buttons. Interestingly, the phone is running iOS version 4.2.5, so perhaps that mobile hotspot functionality will make its way over to other iPhones when they sync up on iOS updates. We did try a speed test, clearing the cache and loading various sites simultaneously on the Verizon phone and our AT&T device, and while there were variations in the load times, there were too many external factors to really make a judgment call just yet.
*Verizon is currently in the process of acquiring AOL, Engadget's parent company. However, Engadget maintains full editorial control, and Verizon will have to pry it from our cold, dead hands.