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Q: Switching to iPhone while under contract to Verizon?

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I’ve got a friend who recently bought a Droid but now wants to switch to an iPhone. He’s on Verizon and is presumably is now in the early stage of a 2 year commitment with them. I think he can buy an unlocked iPhone 4/4S that was previously on Verizon and have someone at a Verizon store switch the contract over to the iPhone. Obviously I’m not sure what this entails, is it as easy as swapping SIM cards?

Has anyone tried this before? Will this plan work or are there some more pitfalls I need to be aware of?

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