iPhone 5 Mockups (Photo credit: methodshop.com)
According to an article on iPhoneRumors.com, the iPhone 5 version sold by Verizon (CDMS) is unlocked and can run on GMS networks such as AT&T.. When your contract runs out at Verizon, you could easily switch networks without buying a new phone.
http://www.iphonerumors.com/20120923/verizon-iphone-5-accesses-atts-network-without-hacking/
Apparently only the Verizon phone does this, and iPhone Rumors and others expect Apple to lock
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