I was *just* thinking about this plan myself. I've been a Verizon customer since 1998 (same cell number, too), and even with a rather substantial discount I was paying nearly $200/mo. My sticking point is AT&T coverage is spotty at best at my house. At least I know I pretty much won't get service anywhere with Verizon, I'm reluctant to switch carriers just to have the same/worse coverage. Known evil is better than an unknown kind of thing.
I'm assuming you can keep your current numbers? Because that's actually the real reason I haven't switched yet. I'd have to transfer a NJ and NY number (as well as Texas), which Verizon told me they couldn't do locally last I asked.