According to Engadget, they will maintain editorial control. Her's a quote from their site..
"Of course, I understand the questions about Engadget's ability to maintain its editorial integrity in the wake of this acquisition. After all, Verizon has done nothing to earn us any benefit of the doubt -- quite the opposite, actually. But it doesn't matter who pays our salaries; we're not in the business of censorship. Engadget's editorial isn't for sale. It never has been, and it never will be. Not as long as I and Executive Editor Christopher Trout are running things. Actions speak louder than words, however, and it's time to get back to work. Stick around, I promise you won't want to miss what's next".