The Verizon iPhone!

The mere prospect of an upcoming Verizon iPhone launch seems to be getting more press than all of this year's CES events combined. Tech pundits all over the web are "confirming" the launch based on their "unnamed sources close to the situation." Really? I just don't see it happening. At least not yet.
I can't imagine Apple, being the innovative company that it is, would invest that much time and money at this stage in the game to develop a CDMA iPhone. It just doesn't make sense. Regardless of how dissatisfied they are with AT&T as a partner, I can't see them heavily investing their resources in an aging technology, especially given the speed limitations of EV-DO rev A.
Instead, I envision Apple releasing an iPhone mid-2011 (exclusively on AT&T) that will be an incremental upgrade on the iPhone 4, much like the 3GS was to the 3G. Next year, however, will be the big year where everything changes. The iPhone will be due for a major upgrade, which I believe will be LTE. The LTE iPhone will probably be available on Verizon and AT&T as both companies have committed to using it as their 4G standard.
Now, it's no secret that Verizon is scheduled to hold a press conference next week so I may be eating my words in a few days, but we'll see. In the meantime, what do you think? Is a Verizon iPhone headed our way soon?