Last year this was replaced with a simplified Verizon Home Phone Connect unit (Huawei FT2260VW). It was easier to install than the Hub; just connect you home phone to it, and the device would use Verizon's cellular network for all incoming and outgoing calls with your home phone number.
Now Verizon has a newer Home Phone Connect (model F256) that is said to be 43% smaller than the previous model, and now supports full CallerID with Name & Number, as last years model was only capable of the CallerID Number. The remaining features are still there: 3-way calling, call-waiting, and voice mail. It also includes a 1500mAh back-up battery, which allows up to 3 hours of talk time or 43 hours of standby time if the power goes out.
Pricing of the new Home Phone Connect F256 is $19.99 with a 2-year contract, or $129.99 without any strings attached, and $19.99/month for unlimited calling minutes. Now if Verizon would offer unlimited mobile-phone minutes for the same price!
We've heard from Verizon and the new model does support CallerID Name & Number, but it is a special feature that is $2.99/month extra. This feature can be added or removed at any time.
source: Verizon Wireless, User Manual