Except it doesn't.
To start with, the european version doesn't do CDMA and for reasons I will never understand appears to be missing a few LTE bands (or, those bands do work but Apple chose not to mention them. This we may never know. In theory Apple can add them later though, as the hardware itself will likely be identical.)
But anyway that doesn't matter because technically the Sprint version is ahead here. So more importantly, if Sprint keeps up what they've been doing so far, what you'll get is a partially unlocked phone.
That is to say, it'll take any SIM except those belonging to US carriers.
You have it Backwards. The European version of the Iphone 5is identical to the Sprint VErizon version. Again the European version if the iPhone 5 is CDMA/GSM. Thae Sprint/Verizon version also has many more LTE bands than the ATT version
In Europe Apple has announced they will be selling the Sprint/VErizon version only, the 1429