There's a rush of excitement among iPhone 5 enthusiasts as Verizon Wireless iPhone 5 that hit retail shelves Friday comes unlocked and works on AT&T's network too.

Reports indicate that Verizon Wireless iPhone 5 accepts AT&T SIM card and the phone is active on AT&T's network, the Associated Press (AP) reported.

Apparently, this appears to be the first occasion when Verizon iPhones can access AT&T's network without complicated hacking procedure.

Though the feature may be of little value to customers who are bound by a two-year contract, it does give an option to switch carriers.

The iDownload Blog confirmed Friday that Verizon's iPhone also runs on AT&T's HSPA+ network popularly referred to as 4G.

Though AT&T's 4G speed are nowhere closed to LTE speed, they appear to be better than 3G speed, iDownload Blog has stated, adding that the device should also work on T-Mobile Network.

CNET got in touch with Verizon representatives who have confirmed that iPhone 5 is sold unlocked out-of-the-box.

Of course, the feature can be fixed with a future update, CNET has pointed out adding that AT&T's and Verizon's 4G-class networks achieve different levels of high-speed connectivity.

Previously, during iPhone 4S release, Sprint launched unlocked versions of the device that worked on AT&T network. However, software updates released subsequently turned off that capability, AP has added.

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