I say you would come out better going on contract and paying $90 for 450 mins, unlimited texting and unlimited data. Thats only $10 more and the only trade off is you lose unlimited calling. Hopefully by 2013 when I plan to upgrade Verizon will come out with something better.
I think this new plan is a waste of money especially depending on if Sprint has good coverage in your area when Virgin Mobile is $35, and Boost Mobile and Cricket are $50 and $55 apiece. You can go to Straight Talk and Net10 and get that for $45 a month.
The old Verizon Smartphone prepaid plans are still available, they are just not listed.
I Am Perfection