Whatever you do, my advice is to avoid Verizon's Edge program. The edge is for them, not for you financially....you pay for the phone twice.
Verizon's Edge phone upgrade plan is the same bad ripoff as AT&T Next | The Verge
The pundits and blogosphere are full of similar articles, or do the math yourself. If you have good TMobile service, the similar TMobile plan is reasonable, though still not cheap.