Look, it's confusing as hell, but it seems like everyone here is partly right in one way or another.
Back in the days of 2G, GSM and CDMA referred to the technologies themselves. Now, they refer to the family of technologies.
GSM, UMTS (and it's descendants, HSPA and HSPA+) and LTE make up the GSM family because the same group that developed GSM developed UMTS and LTE. And most (or maybe all?) carriers that started with GSM are going to the GSM-UMTS-LTE upgrade path, so it's easier to refer to it as GSM. Is it right? No, not really, but it's like saying that you're going to buy some Kleenex when you're really buying the Puffs brand. It's a generic trademark now.
CDMA probably should have been called CDMA2000 from the start, as that was the name of the technology. CDMA was just the transport mechanism (it's like referring to your vehicle as a set of wheels. Not too specific. Is it a car? bike? truck?). But, laziness prevailed and the 2000 was dropped anytime it was mentioned, so it was marketed as CDMA, and it was the only cellular technology using the CDMA transport mechanism at the time, so the name stuck and when someone said CDMA, everyone knew they were talking about CDMA2000.
GSM, CDMA, etc, are all marketing terms, nothing else. The correct, technological terms for the iPhone are probably HSPA iPhone and EvDO iPhone - even though they offer GSM and CDMA2000 as a fallback, they're primarily used on HSPA and EvDO networks. And you can argue that calling the HSPA iPhone a CDMA iPhone is technically correct since HSPA uses the W-CDMA transport layer. But, marketing prevails so they're called GSM and CDMA - which refers to the family of technologies they use, not the technology itself.
It's confusing as hell, but just remember that the engineers and the marketing people have 2 different definitions of GSM and CDMA, and the marketing people are the ones making the advertisements.
This comparizon is relevant to the US market where you can find both GSM and CDMA iPhone: with a GSM iPhone you can use it abroad paying a hefty roaming charge to ATT; with a CDMA iPhone you will not pay any roaming charge to Verizon and you can use it as an iPod Touch.
That's not 100% correct. You can use a GSM iPhone overseas, put it in flight mode, use it as an iPod Touch and won't pay a dime in roaming. Likewise, you can use a CDMA iPhone in the small number of countries that have CDMA networks, use it as a phone, and give Verizon your life savings, arm, leg and first born when you get your bill with all the roaming fees.