Saw this on BGR, if you click 'read' you will see that you do indeed have to sign a 1 year contract. Also, it looks like ALL family plan lines would have to be on it, not just the smartphone lines. That leaves me out (3 of 5 have Droids, 2 'dumb' phones w/no data). It's also being called "promo" so who knows how long it will really be around.
Verizon Wireless testing Sprint-like, $70, 450-minute, unlimited plan | BGR
Verizon Wireless testing Sprint-like, $70, 450-minute, unlimited plan | BGR