Now the question is, which signal takes dominance? The Verizon CDMA signal or the AT&T GSM signal when a Verizon activated (and in service) iPhone 5 is fed an AT&T nano-SIM.
Or does the iPhone let you select which carrier? I hunk this last statement is mostly true.
The SIM card always takes preference over the native CDMA signal (that's how the 4s was set up). So if you stick in an ATT Sim, it will take preference. In fact, with the iPhone 5 I think you need a SIM card even to use it on CDMA because of LTE (all Verizon LTE phones require a SIM card)