I got my phone today. There was not much of a line ( I had mine pre arraigned so I did not wait in line; although I did have to wait). If you want to get a phone, odds are you will be able to find one. You may not find it at the first store you stop at, but most likely the second. This does not mean the Verizon iPhone is a flop, it just means they estimated pretty actually what the demand would be. OOoorrrrr.. I think they were planning on only having 85% of expected demand, and was off by 15%.
Keep in mind that there was a whole slew of phones already ordered last week, and there are many people waiting for their AT&T plans to expire so perhaps we should not be that surprised. Still, there were people waiting at downtown SF Verizon office and a second line at lunch. A third rush is expected after work hours. The store feels pretty confident that at the current rate on phones they are selling; they will have enough for everyone today.
Here is a tip though… check to see what the taxes are BEFORE you buy the phone. In California I have to pay taxes on the value of the phone, not the cost. So I paid over $60 in taxes for this thing. Order out of state if your state has this rule.