I successfully exploited this 'loophole' this past weekend. Here's what I did with some possible issues that you might run into:
1) Ordered an iPhone 5 from Apple using in-store pickup. The phone was ordered using a dumbphone line that was eligible for an upgrade. When ordering from Apple I selected the 2GB / month plan.
2) Picked the iPhone up from the Apple store the following day. While at the store I asked an Apple employee about the loophole, but he had no idea.
3) Activated the iPhone soon after leaving the Apple store. The dumbphone line was transferred to the iPhone 5.
4) For about 1 day the iPhone was listed as a 'pending upgrade' or something like that on MyVerizon and the option to transfer the phone was disabled. During this time I just used the iPhone 5 normally, but it had the number previously on the dumbphone line.
5) After about a day the 'pending upgrade' went away and I was able to swap the old dumbphone with the iPhone 5. At this point the iPhone 5 was not associated with any line. I needed to select a data plan for the dumbphone, so i picked the cheapest one ($10/month). I was able to go back and cancel that data plan after deactivating the line.
6) I waited a full 24 hours for the SIM aging. Many people say that you only need to wait until 7 AM EST, but I just waited a full 24 hours. I had the iPhone completely powered down this whole time.
7) Logged back into MyVerizon and did another device swap this time between my old iPhone with unlimited data and the iPhone 5. I needed to enter both the MEID and the SIM ID from the iPhone 5. These numbers are printed on the box. The SIM ID is labeled ICCID on the iPhone box. The website said that I may need a new SIM card, but I did not (presumably because I waited 24 hours). I left the iPhone 5 powered off while doing the transfer.
8) After doing the swap online make sure you power down the old iPhone. You may need to power cycle the new iPhone. When starting back up the phone said that it was activating. It finished activating but still was not able to place/receive calls.
9) I did a complete wipe of the phone. After that it started working correctly.
According to MyVerizon it looks like I still have unlimited data. Hopefully it lasts. There are probably faster ways to accomplish this, but I can at least say that this process did work for me when I tried it.
Thanks to everyone for sharing their experiences to make this possible!
Hi, I'm just curious about step #5. Can I swap it back from their website or did you do it directly from the dumbphone? That's the only step I am not clear about when I get the iP5. Thanks.