For future reference it was rather easy to test disconnection with Verizon as you can suspend an account for up to three months instantly without any fees to reinstate. I didn't disconnect the account entirely, but the Droid doesn't seem crippled / locked out and of course wireless access is fine.
This is good news for Droid developers as when I picked it up in the store I kind of got suckered into getting service thinking it was necessary for a "locked" phone and of course the rep played dumb when I asked in store. As mentioned previously I have a MyTouch3G that requires a sim card on T-mobile to get past the software screen lock, so I figured there may be an active account requirement with the Droid/Verizon for whatever reason.
So yeah.. Droid dev no monthly fees..