A source who claims to have handled prototypes of the rumored Verizon iPhone revealed some of its new features to DVICE. Chief among them: a new antenna, which will be a relief to anyone wary of getting an iPhone 4 because of "Antennagate."
From the source, who has seen and played with the varying Verizon iPhone prototypes over the last few months, it appears the Verizon iPhone will have an internal antenna, at Verizon's wise insistence. That means no death grip problems and a new, more rugged exterior. There's a small possibility the exterior will be constructed from the new alloy licensed exclusively by Apple for mobile devices, though that's unlikely for this device.
Finally, it will have a faster processor, probably the 1.2GHz chip that has been the topic of recent debate.
Taking all this into account, there's definitely one thing the Verizon iPhone won't be: an iPhone 4.