It means EVDO. Verizon also calls it "Broadband".
The "EV" will show up whenever you are in a Verizon Broadband area. Take a look at their coverage map:
or
As to why it shows up on one phone and not the other, I haven't a clue.
My phone display shows a red EV box next to the signal strength bars. My husband has the exact same phone and his doesn't have this. I manually went through every screen and every option on our phones is the same....EVERY option.
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The red EV box on a iNapkin cordless 4.9 GHz phone means it needs to have the battery re-energized.
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