Those skilled at the housekeeping functions built into SS7 can locate callers anywhere in the world, listen to calls as they happen or record hundreds of encrypted calls and texts at a time for later decryption (Google translation of German original). There is also potential to defraud users and cellular carriers by using SS7 functions, the researchers say. This is another result of security being considered only after the fact, as opposed to being part of the initial design.
Verizon says it's initially pitching the $45 per phone service to government agencies and corporations, but would ultimately love to offer it to consumers as a line item on your bill. Of course by "end-to-end encryption," Verizon means that the new $45 per phone service includes an embedded NSA backdoor free of charge. Apparently, in Verizon-land, "end-to-end encryption" means something entirely different than it does in the real world.