Probably going to get the 5.0 update. Verizon is on a lower update but it came included withthe features for the most part of ios 4.3.
Don't hold your breath. Let's face it... the Verizon iPhone is 2nd rate to the AT&T one. Probably always will be one build behind... Heck, based on what's happened so far and the cold shoulder that Apple gave it at the WWDC, I'm staring to think that Verizon won't even carry it any longer. ("We have plenty of other options"... says Verizon.)
Ok, seriously though, if Verizon doesn't get iOS 5 with the rest of the country in the fall, a good chunk of the some 2.5 million Verizon iPhone users will either move back to AT&T or just give up on Verizon and join up with AT&T. (myself being one of them.) This is getting a bit ridiculous. AND... iOS 4.3 contains MANY features and enhancements that we Verizon users STILL don't have. Look it up if you have any doubts. I'm sick of people saying that iOS 4.2.8 and iOS 4.3.3 are basically the same. DUH... if they were the same they'd have the same build number. Again people should look it up, before spreading propaganda.
And finally... based on everything that I've read, it does appear that Verizon will get iOS 5 at the same time as AT&T. (There apparently is a beta out there for the CDMA iPhone of which developers can get.) BUT, I'll believe it when I see it.