My speculation was incorrect. I've found clearer language on the specs page:

Quote:

CDMA available only if iPhone 4S is sold and activated for use on a CDMA network


So it appears that the only "world" phone is one originally activated on a CDMA network. Now the question is whether the GSM radio is unlocked on such phones. If it's not, I'd argue a serious case of false advertising and that the phone is not in any way a world phone. They shouldn't be advertising it as such anyway because of this restriction.

I'm having a hard time coming up with any reasoning for this move since I can't imagine they're actually producing two SKUs of a phone with otherwise identical specs. From what I understand they've standardized on the new chip that does both CDMA/GSM, so the difference would only be in the baseband software.
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Bruno
Twisted Melon : Fine Mac OS Software