My guess would be the same day the next iPhone is released will be the earliest you will see any price reduction by Apple/Verizon (remember they pretty much control the carrier prices).
If you want to save $70 go to Walmart for your iPhone 5, just don't expect to even look at the box until its paid for, plus the salesmen don't know how to activate them. I spent 2 hours while they tried to figure it out after which they really didn't do anything. After leaving I tried to use my phone only to find out it wasn't activated. I had to call Verizon and was told they had no record of it on my account, luckily I had the receipt showing the model# Sn# and proof i bought it. after another 20 min on the phone with Verizon i finally had a phone. So if you are patient and realize Walmart employees haven't a clue how to activate you can save $70 from the $199 Verizon charges.