I think I tried it once back in early 2011 and could not get it to connect. It should work though, as others have reported success.
Here are a Chromebook-Central thread on how to get it to work.
I no longer have a full sized sim card to try it, as I now have a Nexus 4 (uses a micro-sim), but since most of these posts are from 2011, I would think it works even better now. As mentioned in the first article, the user was only connecting via the edge network due to 3G frequency issues. It may be that the radio on the Cr-48 does not support the GSM 3G very well.
Let us know if it works! It would be an interesting option (I hate Verizon :)