Board Thread:Administrator's Noticeboard/@comment-1466854-20131115022302/@comment-7697305-20131115024901

From what I can tell, Template:Verify is for information which has not been confirmed (or, as the template page states, "It is an open request for confirmation or refutation, and/or more research, and any appropriate editing to bring the statement toward a more acceptable phrasing."), while Template:Cite is for information which has (probably) been confirmed, but needs its sources cited.

I suppose they both have their uses, though I personally did not know about the latter until now.