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From footnote 4 in the tech specs at http://www.apple.com/iphone/specs.html ("CDMA available only if iPhone 4S is sold and activated for use on a CDMA network."), I'm guessing/hoping that if you get a CDMA phone in the US, it will come with an unlocked GSM radio.

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CDMA doesn't use a SIM card, they do EMEI whitelists on their end instead (to prevent devices from authenticating with their data/voice networks that they haven't sold).

If Apple has an agreement with all major CMDA networks in the USA (i.e., Sprint and Verizon) then the 4S will NOT work on those networks unless you buy it from the carrier.

This results in more money for the carrier (and presumably Apple). Unfortunate, since I wanted a world phone where I could actually use it in multiple countries with multiple SIMs.

What this means is that Apple is opting to disable the CDMA radio unless it is sold to a customer on a CDMA network. They avoid paying licensing fees to Qualcomm this way.

Yes, and I believe (and hope!) it also means that if you're going to tie yourself into a 2-year contract with a CDMA carrier, they won't lock down the GSM for you. Especially so since it's advertised as a "world phone", and CDMA carriers don't really distribute SIM cards (-:

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