
You get about 45 minutes more wifi browsing time with the Verizon iPhone 4 than with the AT&T version due to the new Qualcomm chips (which happen to support both GSM & CDMA).
With this the case, I expect the iPhone 5 to have at least 11 hours of wifi browsing time, up from the current 10 hours I get on GSM. Optimistically, I hope to see at least 12 hours of wifi browsing time from the iPhone 5 if Apple is able to put in a larger battery. The current iPhone 4 has a battery with a capacity of 1450 mAh. Compare this to the Motorola Atrix which has a battery capacity of 1900 mAh. The Motorola battery did not even change form factor over the previous Motorola Droid battery and is quite compact (more so than the iPhone 4's I believe):

If Apple were to use this type of battery for the iPhone 5 coupled with the new Qualcomm radio chips, I think we can expect to see 14-15 hours of solid wifi browsing on a single charge.
Don't disappoint me, Apple. You have been getting on my nerves of late with all your fiascos. Battery life is the only thing you have going for you.