iPhone Buyer's Guide
From Mac Guides
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To date, the iPhone has been on a yearly update timeline, with a new model released each June.
Apple has recently (February 10th, 2011) expanded carrier service to not only include AT&T but also Verizon. As of the latest revision, there are now two different models of the iPhone 4; The CDMA iPhone, which only works on Verizon's network, and the GSM iPhone, which only works on AT&T's network. The two phones are not interchangeable. It is expected that the next revision of the iPhone, commonly termed the "iPhone 5" will be able to work on both Verizon and AT&T's network without requiring two separate phones.