The Verizon iPhone is here…almost.

It’s been a long wait for the Verizon iPhone. In fact, in the states, we’ve been waiting for it since the iPhone was originally announced four years ago. Why? Primarily because AT&T is so lousy that we’ve essentially been carting around tiny tablets that are unable to make phone calls, while our friends on Verizon chirp away, beneath subway lines with four bars.

In line at Verizon’s press conference today in New York City, over 85% of people waiting are clutching their AT&T claimed iPhones, according to Jonathan S. Geller of BGR.

Lowell McAdam, the president of Verizon Wireless is expected to release a CDMA version of the iPhone at today’s event, which would apparently explain the photos found last week with an adjusted antenna design. It has also been speculated that the phone will be offered with Verizon’s unlimited data plan, but we’re not sure for how long.

So don’t start buying up Verizon stock yet.

“While the smartphone will help Verizon add more subscribers this year than rival AT&T Inc., currently the exclusive U.S. carrier for the iPhone, it will also crimp profits, said John Hodulik, an analyst at UBS AG. In the same interview with Business Week, Hodulik also said that Verizon may sell 13 million of the devices with an estimated $400 subsidy this year, which would add up to a total of $5.2 billion.

“You basically write customers a $400 check,” said New York-based Hodulik, who doesn’t own any stock in Verizon. “We expect margins to be down pretty meaningfully in the first quarter and second quarter.”

Don’t switch plans yet

It’s cool to throw your AT&T contract to the wind, but be cautious. If Apple announces an iPhone 5 this summer, you may be out of luck if you’re locked into a Verizon iPhone contract with a new 20 month upgrade policy.

More information as it’s announced.