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I purchased an iPad and i have AT&T as my wireless carrier.
I see now that Verizon is an option.
Can i get Verizon service on my existing AT&T iPad? or is the Verizon iPad not compatible with the AT&T model? Not sure if the chip inside the iPad can work with bother carriers?
Yes, but not with the built in cellular radio.
The Verizon option is a wifi iPad with a Verizon mifi (cellular to wifi gateway) in your pocket. You could use your (or any) iPad with a mifi.
Essentially it's just a bundle pricing offer so you can get a Verizion MiFi at a discount without a contract. If you tried to buy an iPad and MiFi without a contract, it'd cost you US$140 more without the bundle.