After a little hands on time with the iPhone 4, it appears that Engadget realized that the personal hotspot functionality of Verizon's iPhone is located in the Settings App. A different setting in the app led them to look at the version of iOS being run on this Verizon iPhone 4.
iOS 4.2.5 seems like a big leap in updates from now to the Verizon iPhone 4 release date in the 2nd week of February. The publishing of "The Daily" by NewsCorp is expected to involve a somewhat major update to iOS to incorporate. Another positive note is that Verizon's website is showcasing a picture of the loooonnnnng rumored white iPhone 4, maybe it is finally here.
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