Of course, how soon and how much will determine its success or failure. It seems like they may be poised to succeed with this, if they can get it rolled out now.
Did I read 2014 somewhere? If so, at 14Mbps it'll be an also-ran, and they'll have to chain people to it to make them interested within a year or two of that. I don't know the cost to deploy LTE.
However, even past 2015, I can see the fact that it uses 700MHz tree-and-wall-penetrating spectrum as a feature unto itself, offering solid service for those needs where bandwidth is not a large concern (i.e., slow slow slow stuff, like voice and cash registers).
If indeed they can bump up the speed to 80Mbps, or even half that, between now and 2013, then they can begin 1080p delivery, and the old-fashioned TV and Movie model supported by Netflix instant watching and Directv Video on Demand and whatever Verizon TV services are offered could still be sold to customers, and put a few more pennies per minute in the hat. After all, with a good codec (using AVC/H264 as a baseline), 1080p can fit well within that bandwidth level, albeit not so much in the "14Mbps" they were earlier touting (although that may be feasible to some degree, but will anyone buy it if it's squeezed?).
Where they might really have something to write home about is that LTE as a mobile platform might actually work out, if use patterns of mobile units continue to include non-voice applications that use bandwidth that the medium-level LTE bandwidths can deliver (more bandwidth than voice, less bandwidth than normal stuff like web sites and movies).