Notable: "Features vary by carrier." I have watched the commercial back several times (when I should have been reading) and can't find a single feature that won't be offered on both carriers. It remains to be seen whether or not FaceTime will hit 3G on Verizon, and neither of the phones had Wifi connections prior to the cut to a FaceTime call (details matter) so this could perhaps be what they meant. Maybe I have missed something, but the "features vary..." is very un-Apple like. Tim Cook made it very apparent at the Verizon announcement that this iPhone and the AT&T iPhone are identical in features except that you will not be able make a phone call and access the internet at the same time.
If they had shown the Personal Hot Spot feature, that would have made sense.
Also, is it "two is..." or "two are..."? English grammar sometimes doesn't make any sense.