very profitable, for a price..
Verizon's been very profitable over the past several years even with all the labor angst going on over affording those very costly benefits. While wirleline alone would put Verizon at a disadvantage, the profits from wireless could (in theory) pay off Vodafone as a funding partner and have cash left over (by 2015). No coincidence that this is the same year Verizon's expected to have NYC's fios build complete or near 100% overlay of the Time Warner & Cablevision footprints. There will of course not be 100% customer for customer overlay... there will be gaps for sure in NY Metro.
That financial success comes at a price... namely higher cost wireless service. On average the RPS (revenue per subscriber) is 5% higher than even greedy AT&T. Consumers actually pay the higher price because they like to pay the highest price in the industry, but because they have the BEST overall network coverage. This has been the case for the longest time and would still be the case even if the ATT/Tmobile merger went through for several more years (which it's not).