An unlocked LG Chocolate Touch will allow service on any phone network. Unlocking an LG Chocolate Touch requires advanced unlocking software and your computer cable. Since the LG Chocolate Touch is currently being offered through Verizon Wireless, it must be a CDMA phone, meaning we cannot use standard GSM or SIM unlock instructions.
To find some unlocking instructions for the LG Chocolate Touch you are probably best checking out these Verizon forums from Cell Phone Hacks. Otherwise, there are many professional unlocking vendors out there that offer unlocking of these kinds of mobile phones. Since this phone is new, I have seen some deals out lately, such as from Best Buy which should make it worth unlocking. However, you may want to look for pre-unlocked versions of this phone.
To learn more about the LG Chocolate Touch, check out these full specifications from CNET.