The subtle move popped up in a low-key option on Apple's iPhone page, and doesn't offer any extra perks for the hefty price tag. Besides that, you can expect the same colors and features you're used to in the standard carrier models.
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It's been widely reported that the Verizon iPhone 5 ships with an unlocked SIM slot, which means you can insert any 3G nano SIM into its tray and you can use it with any carrier. The AT&T model isn't as forgiving, as all AT&T iPhone 5 (see out iPhone 5 review) models ship locked to that specific carrier. However, there are a few ways of unlocking the AT&T model for use with other carriers, like T-Mobile.