UPDATED, 10:25 AM: The new streaming video deal between Verizon and Redbox-parent Coinstar has all of the hallmarks of an announcement that had to be made — even though the companies weren’t ready. Coinstar CEO Paul Davis promised in October to announce his streaming video plans by the end of 2011, and probably felt he had to say something before he meets with analysts later today to discuss his company’s 4Q earnings. All he has to offer, though, are puffy promises, and few details, about the subscription service to be offered in the second half of this year. We don’t know whether it’ll be competitive with Netflix because the companies won’t say what they’re offering consumers and how much they’ll pay. The proposition will be “simple, affordable, and fun,” Verizon Telecom VP of Consumer Product Management Eric Bruno tells me. We don’t even know what studios — if any — have agreed to participate. “We both spend a lot of money with studios, and they love this idea,” Redbox SVP of Finance Galen Smith tells me. Even Warner Bros? Last month the DVD kiosk company let its disc purchase contract with the studio lapse rather than accept its requirement for Redbox to wait 56 days for new releases. “I wouldn’t presume that because of how things are going on the DVD side that they won’t have their content as part of this venture,” Smith says.