Apple Stores have been showing around some leaflets/ads including news about the availability of the white iPhone in Spring 2011. So, it seems that Apple didn’t kill the project and it’s very much alive and coming soon, although we’re not yet sure if this is the Verizon iPhone, an upgraded handset or who knows what else…
Worst case scenario, this is the same iPhone 4 with a differently colored casing, while the best case would involve an upgraded iPhone with an improved antenna and modified case, plus Verizon services.