Verizon has reduced the price of their Google Galaxy Nexus by $100 to $199. Probably to keep it competitive against the upcoming Sprint variant of the Google Galaxy Nexus which is also expected to be priced at $200.
You get the subsidized $199 price you will have to sign a two year contract with Verizon. While the reduced price tag looks quite attractive on Google’s flagship Ice Cream Sandwich handset, you will still have to pay the full $649.99 if you want to get the device off contract.
If you have purchased a handset within the last 14 days you will still be subject to Verizon’s return policy, after paying the $35 restocking fee you can get back $65 if you purchased a Google Galaxy Nexus from Verizon is the last 2 weeks.
source - Verizon Wireless