NO! According to a recent Wired Blog, the small print in the TOS for Verizon's unlimited EVDO Wireless Data Service: "A person engaged in prohibited uses, continuously for one hour, could typically use 100 to 200 MB’s, or, if engaged in prohibited uses for 10 hours a day, 7 days a week, could use more than 5 GB’s in a month...Anyone using more than 5 GB per line in a given month is presumed to be using the service in a manner prohibited above, and we reserve the right to immediately terminate the service of any such person without notice."
So what does that mean to the average mobile user and traveler? Basically, you can send email, you can browse the web - but listening to internet radio, streaming video to a laptop, and downloading large files is not allowed - rendering the service much less useful than advertised with a 5GB maximum. Therefore, “unlimited usage” is not what it seems….