Ok, just got back from VZW Zone.
1. There is no activation fee when upgrading a device. The activation fee is a one time fee when starting a new line(or if your phone gets shut off due to nonpayment).
2. The camera is SICK! I played with it for a good 15-20 minutes. The key is to hold it steady, when trying to take 50 pictures in a second your jerking the phone since they did away with the shutter button on the side of the phone and went with the onscreen button. The pictures were crisp and clear, every one of them. Panorama is awesome, and it shot awesome videos too.
There wasn't really anything else I could do with it since they literally just took it out of the box for me to see so it wasn't activated nor could I use wifi(encrypted). I can verify there are only the two Verizon apps that we knew about already on it, that's it. Comes with ICS 4.0.1. Doesn't feel cheap or "plasticy", it's actually quite comfortable, light and thin. Didn't feel too big either. Screen was mind-blowing, no "screen door" effect what-so-ever. The transitioning was super fast and it handled everything from opening/exiting apps to switching home screens with ease. I'm 1000% getting this phone tomorrow, through hell or high water, nothing is going to stop me or change my mind.