Well, unless you are the designer for the new Qualcomm Hybrid chip.....
Let's look at it this way.
I agree that the iPhone 4 come with 2 models, GSM that supports 3G toggle; and the CDMA version which does not.
iPhone 4s comes with a hybrid chip that allows it to use the GSM networks (both 3G & 2G). Even if the hardware itself is not possible to toggle the switch. The software might be able to be programmed to look for 2G signals instead of the 3G and therefore providing a switch via software instead of hardware.
Technically speaking, if the hardware cannot provide the toggle interface and Apple can't provide the toggle via software, then leave it to Apple should speak out to us and let us know. There is no point insisting whether this is technically possible or impossible... I don't think anyone here who posted so far can prove whether this is possible at this stage....
If somebody can prove it, I think it should be out in the news by now....