The iPhone 4 arrives in stores tomorrow, but today belongs to the Droid.

In just a few minutes, Verizon, Google and Motorola execs will gather in San Francisco to unveil the latest, greatest version of the Droid: the Droid X.

The original Droid has been something of a flagship for theAndroid-powered fleet of smartphones on the market. It singlehandedly proved that non-Apple devices could be commercially successful, and Android devices in general have sold well in its wake. In fact, several Android phones are so popular that manufacturers can’t keep up with the demand.

Opening remarks will begin soon at this press event. Stay tuned, and we will update this post as we get details and pictures of the new Droid.

10:54 a.m.: The device will be only available for U.S. Verizon customers. Sorry, Canada!

Tethering will be available in addition to WiFi support.

10:49 a.m.: Q&A has started. Motoblur on the Droid X is altered and “hidden from the consumer.” The device will ship with Android 2.1 with Froyo coming soon. The device will be available from retail outlets such as Best Buy as well as Verizon stores.

10:46 a.m.: The Droid X ships July 15 and will be available for $199.99. Users will pay $29.99 for smartphone service and $20 additional for mobile hotspot. Upgrades will be available immediately on launch.

10:45 a.m.: “Flash is the web’s most pervasive software,” says Adobe CEO Shantanu Narayen. Flash 10.1 is a big part of the device’s software and applications. Froyo and better Flash support will arrive later this summer, both for the Droid X and the original Droid.

10:40 a.m.: According to Andy Rubin, at Google I/O in May, there were 100,000 Android phones sold every day. As of today, that number has increased to 160,000. Also, Froyo (Android 2.2) is being open-sourcedtoday.

10:38 a.m.: Let’s talk greening: The device’s components are PVC-free, bromine-free, mercury-free and arsenic-free, and its packaging is 65% recycled materials.

10:36 a.m.: The virtual keyboard will feature Swype and it will be multitouch, too. “I’m pretty excited about what Swype can do for us,” said Jha, who is particularly enthisiastic about this software. Three mics ensure ambient noise cancellation — both for calls and for shooting video.

10:32 a.m.: Motorola’s CEO Sanjay Jha introduced a video showing some of Droid X’s capabilities. Eight megapixel camera, 16:9 display, HDMI playback, Flash 10, WiFI hotspot for up to five devices, up to 40GB memory (8 GB on the phone and 16 GB on a card, to start), 1Ghz processor.

10:26 a.m.: The Droid X does, indeed, feature a 4.3-inch screen, HD video capturing and playback. “It screams ‘video,’” says one exec. A Blockbuster app will come preloaded, users can rent or buy and view feature films and other content, both on their mobiles and elsewhere. NFL’s mobile app will be used to live stream video from games, as well — both full games and snippets when your team is in the “red zone” and about to score a touchdown.

10:24 a.m.: “It’s not one product, one network, one application… it’s the sum of it all. What’s happening is that people are thinking mobile first. The most powerful services are now being delivered on mobile devices.” –Google CEO Eric Schmidt

10:21 a.m.: Google CEO Eric Schmidt has joined the panel, which also features Google’s Andy Rubin, Motorola’s CEO Sanjay Jha and Adobe CEO Shantanu Narayen, among others.

10:07 a.m.: The Verizon team is a bit delayed, so let’s review what we already know about the Droid X. It’s a 4.3-inch handset that will capture 720p video. It runs Android 2.1 with a (perhaps new or updated) version of Motoblur and packs a 1GHz ARMv7 processor. It won’t have a physical keyboard, but it comes preloaded withSwype for quicker text entry. And it looks like this:

9:55 a.m.: Special guests from Motorola, Google, Verizon and Adobe will be present today. We won’t just be listening to speakers, though — we’ll also get some hands-on demos and a Droid to take home and review for 30 days.

9:40 a.m.: Press are trickling in. This event is intimate bordering on tiny, but most of the major tech blogs and publications are represented. All the branding in the room suggests that we will be previewing the Droid Xtoday, not the Droid 2.