The VPhone won't be offered directly from Verizon -- it's a product of the carrier's Open Development initiative.
Specs: 624MHz PXA310 XScale core, 512MB of Flash on board coupled with 256MB of RAM, 3.5-inch capacitive WVGA touchscreen, WiFi, a 5 megapixel autofocus camera, front-facing VGA camera and -- of course -- EV-DO Rev. A support. The current incarnation is running Android 1.6, but it should be running 2.0 by the time of its launch next year, along with getting some Google-certification to let it run the Google apps.
For more pics visit; Saygus VPhone to bring video calls and a bit of chub to Android and Verizon