As cited on MacRumors and a bunch of other places:

Denny Strigl, Verizon’s chief operating officer, decided to pass on the iPhone deal and says he has no regrets: “Time will tell” if he made the right call, he says.

Also:

Given Apple’s cultlike following, however, Verizon isn’t taking any chances. Strigl says Verizon is already working with a manufacturer — he declines to say which one — on an answer to the iPhone. “We do have a very good response in the mill,” he says. “You’ll see that from us in the late summer.”

In my opinion, what Denny Strigl missed the boat on, is that there is an extremely good chance that there is no answer to the iPhone.

Just like there is no answer to Mac OS X. It either is Mac OS X, or it’s not. Just like there is no answer to the iPod. It’s an iPod or nothing – and it sure as heck isn’t a Zune. As far as my money goes, I’m going to say that the only thing time will tell for Strigl is how bad a decision they really made.