Well I was weak and went and bought one and can confirm it was a no-go here as well. I was also told by the BB mobile rep that this coupon would not work on the Galaxy Tab either.
I did call in and talk to Verizon though. I was told by the rep (and I will hold him to it) that I can cancel within their 14 day "worry free" period and not owe anything. No activation, no prorated, etc.
Now if I decide to keep it I can call in and "suspend" the account (note not cancel, suspend). The only thing to be careful of (he is not sure if the xoom will work this way or not) is you suspend in 90 day increments. So if you suspend it may start back up automatically after 90 days unless you call in again.