My understanding is that the first exchange must take place before September 30th. It could be for *any phone* - not just S7/S7E. Once this exchange has taken place, then you have the option of switching back to the non-fireball Note7, without incurring the re-stocking charge. No idea what happens if you do not swap before September 30th to trigger the free exchange.
The in-store rep and his manager has confirmed this with me. He was a Note 7 user, he switched to a Motorola to try it out, and says he will switch back when the new Note 7s are available. I would trust staff at a corporate store more so than phone agents who don't handle the physical exchange.
Whether VZ allows you to swap back to a Note 7, it only makes sense for them to allow this so they can get you back at a higher device fee. Surely, they will somehow get Samsung to compensate the costs of this exchange program.
Of course, all of this is subject to change. Especially once September 30th arrives and whether the new Note 7s are available or not by that time.
With the global airlines ban and the 60% charge limit, I don't see why someone wouldn't switch to another phone before Sept 30th, and wait for the new Note 7s to arrive. If you're not happy with what happened, vote with your wallet and get another device / switch to another carrier.
The way Verizon is handling this is exactly how other carriers are handling this, except:
1) Communication of the swap out policy is poor. But the policy is clearly black and white - at least in my corporate store location.
2) There is a Verizon-imposed Sep 30th deadline, which allows everyone plenty of time but creates confusion as to what happens after that date.
3) The $25 bill credit is really an accessory credit - just pick a $25 accessory from the store for the loaner phone (or any phone) to get it for "free". This is inferior to just giving you a straight bill credit.
