The possibility of Voice-over-LTE (VoLTE) on Verizon just took a few steps closer to actualization. Verizon is currently doing some trial runs of the service in two (unspecified) major cities. Their plan is to start rolling out the service in 2013, after their entire LTE network is mostly in place. For those unfamiliar, the concept of VoLTE gives some distinct advantages. It allows the carrier to host phone conversations over an LTE network, which facilitates simultaneous use of talk and data on your LTE device. Furthermore, the quality of the sound is supposedly better than land-line or regular cell-phones.
Of course, as often as Verizon's LTE network has gone this year, it would seem that there are still some "hurdles" for them to overcome. In the long run, it is likely that almost all carriers will move in this direction, as there is a cost benefit to it for the company. Essentially, the current generation of smartphone users and likely future generations tend to use more data, such as texts, email, and Facebook posts than traditional phone calls in order to stay connected to friends and family. By combining voice and data into one stream, the carriers will effectively staunch the bleeding of lost revenues from traditional phone calls diminishing in popularity.
The above video is a demonstration of the tech provided by Verizon last year using an LG Revolution.