The iPhone 4 is now on the U.S.’s two largest networks, but unlike in the rest of the world, the phone is not the same.
Verizon uses CDMA technology, which differs from the rest of the world’s GSM-based model that also runs on AT&T.
The differences in technology lead to different functionality of the iPhone 4.
What works for users accustomed to the GSM iPhone 4 won’t work on the Verizon CDMA iPhone 4. Check out the chart below for the differences:

The above came from Apple’s support article for the iPhone 4’s features on the different networks.
[Thanks: http://www.tomsguide.com]
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