CDMA iPhone might have already hit an early prototype stage
Considering that Apple has an exclusivity agreement with AT&T until 2012, it has to be willing to swallow the penalties for rushing the iPhone on Verizon or Sprint a year before the contract is out. It might very well be a version for China Telecom, the author says, which has a CDMA network and has expressed interest in having the CDMA iPhone 4. China is a huge market with burgeoning middle class, where Apple hasn't properly set foot yet, and just last month it opened a flagship store in Shanghai. This way they can test it out for a year before they announce a Verizon iPhone, which might be LTE anyway, given the fact Big Red's 4G network will be completely rolled out by then.
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source: DaringFireball via IntoMobile