9to5Mac and iFoxyouri did a tear-down on the new Verizon iPhone and they found a Qualcomm MDM6600 chip inside. This kind of chip is dualmode GSM and CDMA. The Verizon iPhone does not have a SIM slot so it won’t be able to work as GSM. What this probably means is that the iPhone 5 will be in dual-mode. The MDM6600 supports HSPA+ data rates of up to 14.4Mbps and CDMA 2000 1xEV-DO Rev. A/Rev. B.
The Verizon iPhone also has several other components that the AT&T iPhone doesn’. For example, there is a vibrator, speaker housing, cable protector, more screws for holding the board down, different cover for the front facing camera, a dock connector flex, and a different frame for the glass.