Basically your phone number is tied to the SIM card. the phone reads the information on the sim card and connects to the network. if you move a SIM card to another phone, the phone number moves too. in addition to that, it also can store some contacts.
A subscriber identity module or subscriber identification module (SIM) is an integrated circuit that securely stores the service-subscriber key (IMSI) used to identify a subscriber on mobile telephony devices (such as mobile phones and computers).
In the case of an iPhone, no Contact data is stored on the Micro-SIM. No pictures or ring tones.
The iPhone supports the ability to import date from an existing Micro-SIM but the Apple provide tools do not support writing Contact data or other data to the Micro-SIM.
As an earlier poster indicated, only your individual SIM data is on the Micro-SIM. This data is used to authorize your device to the carrier's network.