When Verizon releases their first Windows Phone 7 device, it will be based on the HTC Trophy. Some sleuths at a gaming site that tracks WP7 handsets, have found a Windows Phone sporting the MWP6885 model number, similar to the HTC Arrive. They located a PC93-1.0.xml file and have surmised that MWP6885=PC93 and PC 93=Pro. Yes, it certainly gets a bit confusing. The net is that Verizon will likely brand their device as either the HTC Pro or HTC 7 Pro.
As for a Verizon release date? The last rumor we heard was a June release date.