The new spectrum, combined with Verizon's existing network , "provides new flexibility as we execute our high-growth business model," McAdam added.

"We now have sufficient spectrum to continue growing our business and data revenues well into -- and possibly through -- the next decade, and this is the very best spectrum with excellent propagation and in-building characteristics," he said.

'New Wave' of Apps and Devices

The combination of "national, contiguous, same-frequency C-block footprint and our transition to LTE" will spur development of a "new wave of consumer electronics and applications using this next-generation technology" -- and Verizon will be the "preferred provider" for these developers , he said.

"In all, this spectrum positions us well to preserve our current advantage and reputation as the nation's most reliable wireless network and the leader in data services. This is a wise investment in future data-growth opportunities," he said.

Earlier in the week, AT&T -- which is also adopting LTE as its fourth-generation technology -- said it had spent $6.6 billion on B-block licenses. AT&T says its 4G network will also be running in 2010.

Even though Verizon's spectrum is almost twice as deep as AT&T's, 12 MHz is more than adequate to handle LTE. AT&T's 12-MHz spectrum -- plus the 700-MHz spectrum it picked up from Aloha Partners -- mean Verizon and AT&T will be duking it out well into the next decade.

Cell Chips Everywhere

With both companies backing LTE and gaining access to the 700-MHz spectrum, "the focus will be on new types of data services," said Tim Bajarin, principal analyst with Creative Strategies, in an e-mail. "This will include the delivery of enhanced text messaging, which most likely could include video-type services, as well as video-related content that could be both business- and consumer-related."

Bajarin also expects the companies to push for cellular chips in everything from cars and portable navigation systems to cameras, book readers and laptops. "This is the reason they needed more spectrum," he said. "The goal is to get a cellular chip inside all types of devices and push their connection to data services."

Last fall Verizon Communications and Vodafone Group, which jointly own Verizon Wireless, announced plans to test LTE this year. LTE promises higher speeds and throughput, lower latency and global roaming on wireless data networks.

Verizon and AT&T chose LTE because "it is the least painful way to make a transition from their existing networks to this newer and faster network architecture, and they believe it is the best way to deliver 3G/4G data speeds to their customers in the future," Bajarin said. "This should allow them to deliver as much as 100 megabytes of data over time, which would be a huge increase over their current 2-3-megabyte speeds."