I just wanted to chime in about Verizon's contracts. There's so much misinformation here.
As to people claiming they are going to sue Verizon for breach of contract, all I can say is keep dreaming.
Breach of contract would only be valid if Verizon stopped or limited your service but continued to charge you. Your "damages" due to breach of contract would be limited to those charges, and possibly any punitive or real damages resulting from the suspension of service (very, very, very unlikely).
The contract is to provide service on "their network" with you paying for that access. They can cut service to their customers at any time, for any reason (and yes, that is in the contract). Yes, that means if they decided to, they could use the list of rooted users and cut them tomorrow. In that situation, you would have no recourse for legal action.
There is one benefit though. If they break the contract, you don't have to pay them anymore and are released from any early termination fees. That's a win in my book! This also applies when they send you that little white envelope in the mail changing thier terms.
Rooting or jail breaking is not illegal, which means the Feds cannot show up at your doorstop and haul you away in cuffs. However, Federal laws do not necessarily apply to private matters. Just as you have the right to free speech, that doesn't mean that privately held internet forums like this one don't have the legal right to moderate postings. Same with Verizon. They absolutely CAN kick you off their network for rooting. Anyone thinking otherwise is just deluding themselves.
Now with all that said, I'm staying rooted until a time when I can't anymore. There is just too many benefits of a rooted phone. Verizon is in no way interested in rooted users, and I doubt anyone would get notified or see any sorts of different service. Tether'ers on the other hand are most likely be actively sought out. I can see Verizon tracking rooted users for possible warranty claims, but even then I think they'll only pull that card out for repeat claimers.
Verizon's business is heavily reliant on customer service. No scenario possible where they will go after any of their customers with criminal complaints. That would be way bad PR. Instead, they'll issue C&D letters to the tetherers and keep logs of rooted warranty claims. If the claim situation gets out of hand, or if too many malicious applications get on their network through rooted devices, then maybe they'll take action, but for now, everyone relax a bit.