The last time Apple had to split the iPhone into two separate models was when the CDMA version of the iPhone 4 was originally announced in February, 2011. As mentioned, the iPhone 4S used a baseband chip that was able to support both CDMA and GSM radios in one unit. The separation for the iPhone 5 doesn't come as a huge surprise, though, since Applehad to release separate versions of the new iPad with LTE support for AT&T and Verizon.
If there is one thing that we can take away from this, it's that it will not be easy to transfer an iPhone 5 from one carrier to another. The A1428 model for AT&T will never work on Verizon or Sprint's networks, and the A1429 won't be compatible with AT&T's. Additionally, should you get an AT&T model, it likely won't work with LTE networks in other parts of the world.
SOURCE: The Verge