The WWDC being an all software saga, there are rumors on the upcoming iPhone 5, stating that the next generation of the iPhone is in the final stages of its testing. If that is true, we should gear up for a near future release.
Sources also suggest that the device might already have exchanged hands with folks at various Carrier Networks to report and fix any last minute issues that the device may have. Again, if all this has reached so far, you expect the device be heading into bulk production really soon in order to be available by end August or early September. The iPhone 5 will boast a dual core processor and pretty much all the hardware specifications in the iPhone 4. However it will not support FaceTime over the 3G networks. This could primarily be for the fact that the support over 3G would mean an extra load on your network, despite the fact that the iOS 5 has support for FaceTime calls across the 3G.
This would mean we might have to wait until Apple releases an iPhone with 4G support, which is deemed to be early next year. And with AT&T a bit eager to continue with providing FaceTime support over its 3G, Verizon by all means is going to lag behind. But there’s still time till the next iPhone rolls out and chances are Verizon might just support FaceTime calls.