That means no contracts, no termination fees, and the ability to get any Verizon Wireless plan or phone you want. On month-to-month plans, the phones are unsubsidized - they're much more expensive than phones with contract - but I think that's totally fair. (If you want a cheap phone, remember you can always pick a used one up on eBay. I've done this several times.) Existing customers must play out their existing contracts if they want to switch to this option.

T-Mobile has offered a similar service for a while, calling it "FlexPay." AT&T's product is called "GoPhone Pick Your Plan," but unlike T-Mobile and Verizon, it doesn't offer the carrier's full range of phones or plans. A Sprint customer service rep just told me they do not have any competing options.

All four carriers have recently made moves to pro-rate their early termination fees for subscribers who are stuck in contracts, but the ETFs still persist. The carriers' rationales for ETFs are generally that they're giving you a discounted phone, so you have to pay for it somehow. Verizon's new deal is honest: pay full price for the phone with no contract, or get a discounted phone and get locked in. I'm not too troubled.

I just went on Verizon's Web site, and you can tick any of their phones over to "Month-to-Month" to see what they would cost without a contract. It's definitely worth a look.