I've tried a different (nano) SIM card from the Operator (Telus/Canada in my case) to no avail.
I put the Verizon Nano SIM back it and it works, but that is due to the fact that it connects to the CDMA network available in Toronto. If I turn off CDMA (voice) roaming, it switches to GSM mode - and can't connect.
My guess is that it is an issue with GSM functionality in the phone. Question is, is it an issue is due to a hardware (which could be a manufacturing defect) , firmware or combination of both. If it's the later, a software upgrade could possibly fix things.
I spoke to Apple support yesterday and they took me through a series of steps, including a full restore. Didn't solve the problem. Likely their next step will be to replace my phone. If the issue is due to a manufacturing defect that has been corrected, then great. However, if it's not due to that - I fear the replacement phone will have the same issue.
I'll keep folks updated
References of interest:
http://support.apple.com/kb/HT3939#iPhone5
A1429 - (GSM and CDMA model)
http://www.apple.com/ca/iphone/specs.html
CDMA model A1429*: CDMA EV-DO Rev. A and Rev. B (800, 1900, 2100 MHz); UMTS/HSPA+/DC-HSDPA (850, 900, 1900, 2100 MHz); GSM/EDGE (850, 900, 1800, 1900 MHz); LTE (Bands 1, 3, 5, 13, 25)
http://www.huffingtonpost.com/2012/09/25/verizon-iphone-5-unlocked-att_n_1909972 .html
Verizon iPhone 5 'Unlocked' Feature Is Here To Stay: Carrier Will Let iPhone Owners Switch To AT&T
....The Verizon version of the iPhone 5, which went on sale Friday, came with an unexpected feature: it works on the network of AT&T and many other phone companies, as well as on Verizon's....