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That's the general concensus of what we all have been led to believe.
The few actual facts we have are that the Etna (device originally scheduled to be the Bionic) had one or more major unfixable issues and they stopped further development. They used another hardware design they had been working on, and began to develop a new device to sell as the Bionic. It will have "an improved form factor" and some hardware changes to make it more competitive with other flagship devices. Moto has announced it will be out sometime this summer. End confirmed facts.
We believe the other hardware design to be what we earlier saw as the Targa, though there is no confirmation of this. We never actually got official confirmation on the Targa itself, it may have just been a design study for a successor to the Droid X's form factor that wasn't tied to any specific hardware specs. However comments from BMX (seemingly our most helpful and accurate insider) have suggested that the device in question was most likely the Targa, and that the Bionic's redesign will in all likelihood be somewhat of a cross between the originally shown Etna and the Targa. He could not confirm this, however, since as far as he knows no one at VZW has seen a finalized version of the device. So we don't yet know the form factor or the processor, but he has promised to let us know as soon as he gets his hands on the new device.
At this point, there's not a clear best answer as far as what to get. The Charge looks to be a much better choice than the T-Bolt for most people, and the LG Revolution does not look like it will be that different from the t-bolt, and will likely have Bing. There's no way the Bionic will be out in May, so I would definitely say the Charge is the best of what's out and soon to be available if an LTE device is what you're after.
However, I've been eligible to upgrade since last spring and am still stuck with an LG Versa dumbphone, yet I'm waiting until I hear more. If you're willing to wait, I would certainly expect that the Bionic will be better than the Charge once it finally releases. However, if Moto doesn't change it as much as we expect, there's a good chance that the display and battery life still won't beat the Charge, which would make the choice far more subjective.
We also don't know whether this device will be out before the cutoff for unlimited data, and if you're like me, I am NOT willing to wait for any device that comes out after that. VZW has made it fairly clear that unlimited data is ending as early as this summer, and indicated that it will be gone by the time the iPhone 5 launches. I would expect that VZW would wait for all four manufacturers to launch an initial LTE device before axing unlimited plans, but if Moto delays long enough and the iPhone 5 is NOT delayed, then the Bionic may very well miss the cut-off. If it does, the Charge would be the device to get, IMHO.
But for the time being, the decision simply comes down to how long you're willing to wait for more info on the Bionic.