Meh. iPhone was definitely not the first thing I thought when I saw that. If anything it's a natural progression of the LG Prada, a device that dropped prior to the iPhone, with changes to the bezel/accents.
My first thought was, "there's a non-QWERTY device that I would actually consider." My biggest concerns are: 1) What will the dev community look like? 2) Is it worth risking it with an LG knowing their history with updates? 3) How's that battery going to hold up? As it has full 4G support it seems likely this will end up on VZ, and if it doesn't then VZ is just blind to the market.