I am reasonable certain the Verizon is a CDMA service, meaning he iphone is not compatible.
That is right. The only other company at the time, that I'm aware of, you can use the unlocked iPhone with is T-mobile because they use the same type of network, and for the most part the same towers. But if you can wait Verizon announced that they will "unlock" their service to allow any other phone from any other carrier to be used on their network, but you will have to wait till mid-2008.
Will I be able to buy the iPhone and use it on Verizon’s network?
Not in its current form. The iPhone runs on a GSM network; Verizon uses CDMA technology. Unless Apple Inc. comes up with a new CDMA phone, iPhone users will be out of luck.
But Verizon will still be CDMA. AT&T, and thus the iPhone, will still be GSM, so it doesn't matter that Verizon is opening up. It even says this in the article you linked:
Haha I guess I should try reading what I post! I just read the title and skimmed through it.
And with AT&T having a 5 year exclusive contract on the iPhone, don't expect Apple to come up with that CDMA version any time soon.
Did you see him using it Verizon or did he just say that he was using it? It just doesn't seem very plausible that he got it working on Verizon as the technologies are fundamentally different.