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iPhone 4 is a reality, tech watchers are expecting droves of consumers to shed their existing phones in favor of the long-awaited device.

About 29% of current Verizon feature-phone users say they will likely upgrade to the iPhone in the next there months, while 25% of Verizon smartphone owners say the same, according to a survey from analyst firm R.W. Baird.

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iPhone users feel similarly. About 25% of AT&T customers surveyed by market research firm ChangeWave said they might switch to Verizon for what they perceive as a better network, citing poor reception, dropped calls and costs associated with using AT&T's network as the top reasons for switching carriers.

Analysts expect Verizon to sell 9 million to 11 million iPhones this year.

But while many consumers will eagerly jump at the first opportunity to get their hands on the Verizon iPhone, others are holding off until the newer version of the device -- the iPhone 5 -- is rolled out this summer.

While the iPhone 4 runs on Verizon's slower 3G network, the iPhone 5 will reportedly work on the carrier's faster 4G service.

So let us know: Are you going to buy the Verizon iPhone now or wait until a new model comes out?

--Written by Olivia Oran in New York.

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