I think being able to talk and browse the internet at the same time has to do with the radios and network, not the processor. (EDIT: The radios are on the CPU. Insert foot to mouth here) That being said, previous phones on Verizon have been able to (such as yours). Hopefully the Note 2 can as well with the exynos 4412 chip.
I'm trying to find some technical documents because I'm interested in the technology and how it works as well, but most search results come back with people complaining about the iPhone 5.