Last year I purchased the Apple iPhone 4S on Verizon because I had an unlimited data plan I wanted to maintain. It turned out to be a good choice as I was able to easily call up Verizon and get my iPhone unlocked for use overseas with another SIM card. According to iDownloadBlog the Verizon model comes SIM unlocked out of the box this time and even works with AT&T and T-Mobile SIM cards in the US.
When I travel outside the US, I use my Tru SIM card and enjoy life on the go. I do not have this SIM in NanoSIM size so I cannot test out the unlocked status of my Verizon iPhone 5, but am very interested now that I could possibly use my T-Mobile and AT&T SIMs via HSPA+ 3G with this Verizon iPhone 5. As a subscriber to these three carriers, this would make the iPhone 5 the ultimate cross carrier device for crazed smartphone enthusiasts like myself.
According to the Apple website, the Verizon iPhone 5 also supports the following:
CDMA model A1429*: CDMA EV-DO Rev. A and Rev. B (800, 1900, 2100 MHz); UMTS/HSPA+/DC-HSDPA (850, 900, 1900, 2100 MHz); GSM/EDGE (850, 900, 1800, 1900 MHz); LTE (Bands 1, 3, 5, 13, 25)
As Europe and other places around the world figure out LTE, the Verizon iPhone 5 may be the best one for world travelers to stay connected.
When Sprint released the iPhone 4S, they had them SIM unlocked out of the box and then relocked the devices. Generally carrier policy allows you to unlock your phone after 90 days of service so even if Verizon kills this with an update we should be able to simply call up like last time and ask to get it unlocked for world travel. Given this world, and even expanded US, functionality I think the Verizon iPhone 5 may be the best of the models. The one thing you cannot do is make voice calls and use data at the same time, but since voice calls are rare for me this is not a factor.