There's nothing special about creating a watering hole thread. It was just an idea that was started by a member (she was not a site staff member when she started the thread, btw) to keep the community aspect going while waiting for the device to be released.
To be honest, that's what I've felt that the Verizon pre-release thread has become and why I haven't tried to really tighten the off-topic chatter in there, so a separate thread isn't necessary, IMO. And seeing how the VZW GS3 is the only one waiting for release, I don't think there's a reason to make a general thread (vs just VZW). I'm half tempted to lock this thread to keep it from being a second VZW pre-release discussion thread.
I'll leave it open, for now, to see if any discussion is developed for it. If the discussion goes towards just being VZW, I'll likely lock it or merge it with the VZW thread. If this thread turns out to be a discussion among all GS3 owners, then I'd be more than happy to leave it be or move it to the Lounge, to be with the other Watering Hole thread.