Uh no. The 5GB cap is only on things like USB network cards. There has never been a bandwidth cap on the actual phones with Verizon.
This is about iPad, not iPhone. You are going off the subject. Also, Verizon sells iPad with their Mi-fi with limited data. Verizon is moving away from Unlimited Data. That's is the point. Congrats with unlimited Data on Verizon phones, but it is going away just like AT&T.
This all got confused when grayskies made some off-topic post about the iPhone and unlimited data.
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My original idea was to switch to verizon with a new iPhone but am sticking with AT&T since I'm grandfathered with unlimited data. I undestand that both do not offer unlimited with new service but it seems like a real hinderance to using the device. Honestly, I'd rather go without than limit my use.