UPDATE: We just got off the phone with Verizon and they said that IF they detect the device has been unlocked they will take the device off their network. Reason: "Modifying software will potentially negatively impact how the phone connects with the network. The addition of unapproved software could also negatively impact the wireless experience for other customers."
Well I guess we will be seeing rather soon seeing as the S3 just got cracked. If anyone's service gets terminated because of it we will know Big Red is serious