Hmm, AT&T says I should be able to "Talk and Surf" -
Form here
http://www.att.com/network/ - Clicking on the Talk and Surf tab says...
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"With 4G speeds from AT&T, you can enjoy an even faster experience on the network that already gives you the power to surf the Web while talking on the phone.
Think of the possibilities
Talk up your latest vacation with friends while sending photos. Download and view attachments during a conference call. Get directions and make a dinner reservation. Gently remind your friend about his sharp eye for fashion. All without ever having to hang up. "
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And if I go to the 4g Devices tab right next to the Talk and Surf tab, there a bunch of LTE devices listed there (in fact all of the depicted devices are 4G LTE) plus a link to see all available 4g devices of which the iPhone 5 is listed as the very first option.
So from all of this, I think it is pretty reasonable to expect to Talk and Surf over LTE at the same time. If this is not the case, someone needs to start a class action cause this sure looks like false advertising to me.
Hopefully, this is a case of something wrong with my set up. I'll be paying a visit to AT&T in the morning and will post my findings.