While the Verizon iPhone is mostly unchanged externally from the AT&T iPhone, there were some changes made to the metal band around the exterior, which functions as an antenna for the device. Because of this, the mute button was moved. The new bumper case has a wider opening for the mute switch, and that's the only change.
In addition to moving the mute switch slightly, the Verizon iPhone has 4 antenna gaps, while the AT&T design has only 3. Aside from that, it's pretty much the same device, except, Verizon would claim, that it runs on a more reliable network. Meanwhile, AT&T would claim it runs on a slower network.
For ourselves, speed doesn't count for much if the network is overloaded. The countdown to the Verizon iPhone 4 continues, with pre-orders beginning for existing Verizon customers on Feb. 3. You can see the unboxing video below.