I was able to learn a little more today than I knew previously since I was able to do head-to-head comparison between iPhone 5 and Galaxy S III, both on VZW.
In a very good signal strength area - iPhone 5 provided download speeds as fast / if not a little faster than Galaxy S III. The iPhone 5 upload speeds were regularly slower than the Galaxy S III unless in the best of the best signal strength area in which case the speeds were fairly comparable.
In an area with medium/low signal strength, Galaxy S III hung on to LTE much longer and as a result, was pushing much better transfer speeds than the iPhone 5 which was switching between "o" and 3G. In these areas, download speeds were OK, upload speeds were not that great.
In the medium/low signal strength area (iPhone 5 showing 1-2 bar LTE), the iPhone 5 LTE was pretty much unusable, low download speeds and very low upload speeds. Galaxy S III was much faster on the download speeds and marginally faster on the upload speeds. BTW - in these areas, AT&T has a significant advantage, since its HSPA/HSPA+ network "4G" is much faster as a fallback to LTE than VZ's 3G network.
Once signal strength became marginally better, the iPhone 5 was relucant to switch back to LTE on its own without either forcing it to do so (i.e. Airplane mode on/off) or (I assume) eventually traveling such that I reached a different tower.
Summary:
Verizon does in fact have areas here in Eastern Mass which are called "strong LTE" areas, which are definitely not strong. In these areas, both the iPhone 5 and Galaxy S III did not perform well, although the iPhone 5 performed significantly worse and chose 3G or "o" much more often than LTE (vs. Galaxy S III).
iPhone 5 does not handle the swap from 3G back to LTE well (or perhaps at all unless moving to a different tower). In fact, I almost never saw the phone swap back from 3G to LTE unless I changed towers or attempted to force it to.
IPhone 5 shows "o" very often when not in a top-strength signal area, this is not something I ever saw on the Galaxy S III or my prior iPhone 4 (3G). I am not sure if "o" is a transition state or "o" is truly 2G.
iPhone 5 signal strength (particularly for uploads) in low/medium signal areas is marginally impacted by either holding the phone or having a case (Speck) on it.