Tom's Guide said it better than I did and I quote:

"Open question 4: What about the iPhone 5?

Before you run and buy a Verizon iPhone, keep in mind that this is essentially an old phone that will be replaced soon. When the iPhone 5 is released, you will be locked into a 2-year contract with no way to a reasonable upgrade. If you want the new iPhone when it comes out, the upgrade could be rather expensive. The timing for the introduction of the CDMA phone is rather awkward and create a huge mess for Verizon. We know that Apple only cares about itself and will launch a new product when it is ready - not when its partners are ready. AT&T was forced to bend to pressure from its customers when Apple introduced the iPhone 4 at a time when it interfered with the traditional 22-month upgrade cycle and Verizon could see a similar scenario. For all those who can wait half a year, the advice can only be to not buy the Verizon CDMA iPhone, but wait for the iPhone 5, which we should get by mid-2011."

I plan to purchase an iPhone 5 when that appears. Either I'll sell my iPhone 4 or pass it along to my wife... (I am upgrade eligible on AT&T through my wife's iPhone 3G.)