As part of the announcement today, it was revealed that the Verizon iPhone would indeed have mobile hotspot service (called Personal Hotspot), allowing you to connect up to 5 other devices to the Verizon iPhone 4's EVDO 3G network -- just like a MiFi.
This functionality hasn't been available in iOS before (outside Jailbreak) so it's a competitive advantaged over AT&T -- for now. That also means it will probably require a new version of iOS to offer the interface for it, so we getting iOS 4.2.2, iOS 4.3?
Meanwhile, we're happy to see that Verizon hasn't added any of their typical "extras" in the form of app stores, VCast, Verizon Navigator, silly games, and the like. Whether by choice or by the strong arm of Apple, the Verizon iPhone is 100% Apple.
UPDATE: Mobile Host Spot will be an app and pre-installed, but the other Verizon apps will be hosted in the App Store and entirely optional: [Thanks Trevor]
iPhone will have the 3G Mobile Hotspot app pre-installed, and it will also have other popular apps available in the market such as VZ Navigator, and V CAST Media Manager.