It seems like just a few months ago a new Droid phone from Motorola was launched, and that's probably because it's only been a few months since Motorola released the dual core Droid 3. Now it's launching Droid 4, which is also a dual core process, although most likely at 1.2 Ghz (OMAP 4460).
The phone will have QWERTY keyboard, as usual, and this time it will also feature LTE connectivity, which Droid 3 didn't and it was one of its main missing features. It will also have a Super AMOLED display, probably a Pentile one, and it's possible, although unlikely, that it will have a 720p resolution. My guess is it will have the same resolution as the Droid RAZR - 960x540.
So is this a true next-gen phone coming after the Droid 3? If you're already a Droid 3 user, I see not reason to upgrade, even if you would like LTE Internet speed. The other upgrades seem too small to even consider it. If you really want a LTE phone with a QWERTY keyboard, it's best you wait for Droid 5 with LTE and Android 4.0 out of the box. The good part about that is that the way Motorola has been releasing phones lately, you probably have no longer to wait than spring or early summer.
Even if you have an older model like a Droid 1 or Droid 2, it's still best to wait a little longer, or consider the upcoming Galaxy Nexus for Android 4.0. At this point in time, I wouldn't get any phone without an HD resolution and Android 4.0. Android has been reborn under ICS, and it's best to get a phone that has been made specifically with Android 4.0 in mind. Who knows how long you'll have to wait for the Android 4.0 update, or how many more updates you'll get after that if it wasn't originally an Android 4.0 phone?
If I were to guess, I think the delay of Galaxy Nexus launch happened because of Motorola. Verizon won't announce a new flagship phone in less than 2 weeks after another one, and it seems like these 4 weeks or so have been reserved for Motorola's phomes - RAZR and Droid 4. But at least the Galaxy Nexus is arriving on time for Christmas.