The new Smartphone plans are $60 for unlimited talk, text and 500 megabytes of data or $70 for unlimited talk, text and 2 gigabytes of data. The Smartphones can not be 4G only 3G and 2G phones are allowed on the prepaid plans at this time.
I have activated an Apple iPhone 4 on this plan for a client a few weeks ago. I have heard the Verizon Wireless corporate owned stores will not activate iPhones but I can, just contact me on the form above. The phone you are activating can not be on the lost or stolen list for Verizon.