I've not used it, but have used the text message service Disney provides (which works on any phone not just smart phones). It doesn't give you exact wait times -- it just texts you back with something like low, moderate, high, which is kind of useless. I'm not sure if it's even linked to any real time data. Is that all Verizon is doing?
Android/iPhone phones have crowd sourced apps which gives exact times, but can be inaccurate if some idiot enters in wrong times. The ultimate app would enable users to set alerts when an attraction is under a certain wait time. I really see this as the year Disney fans will use social media more to alert each other of events/wait times. I can envision mass meet ups getting out of hand even. But then again look at how many people fail to do Online Check-In.