The fact this only the iphone 5 has this limitation on verizon means its something to do with the single chip apple is using. No other LTE phone has this issue.
It seems like when on a call, only the CDMA and or GSM bands are working. Even on att, it drops you off of LTE and onto the 3g network.
It is not true that no other LTE phone has the same issue. For instance, check out the LTE Droid Bionic. It doesn't do voice and data at the same time. There are plenty others. Apple waited for the single chip for two main reasons. First, it uses far less power. Second, it allows Apple to pack more into the phone. The Samsung Galaxy can do it, but the phone is much larger.
The issue really is CDMA as a technology. Hardware manufacturers can make it work over LTE, but there are trade offs in areas like power and space. Apple obviously didn't think the trade off was worth implementing the ability. The decision probably also has to do with the technology still changing as well.