My prepaid iPhone is locked to Verizon's prepaid services, but I use Verizon's prepaid service anyway. The iPhone SE is great and almost a steal for $199. This phone has most of the features of the 6s but in a more pocketable size. You can compare on Apple's site, but the only real differences I saw were no 3D touch, 1.2 MP vs 5 MP front facing camera, and it doesn't mention that it has the second-generation Touch ID (but I have no issues with using the Touch ID on this SE model). It also doesn't have the video stabilization feature the iPhone 6s Plus model has. The camera and video quality are excellent. This even has the capability to do 4K video.
Verizon prepaid plan is the best overall choice for us.
Additional lines can be added, good customer service, hotspot (another device like a laptop or tablet can use your phone's data plan where a certain amount of data is purchased each month), get the same data speeds as postpaid customers except during times of congestion whereas other prepaid carriers THROTTLE data speeds all the time, can use a reusable plastic refill swipe card (after the card is entered the first time, funds that are added to the refillable swipe card after that are automatically credited to the account), have user-friendly phone app, "always on data" (after data runs out, you at least have a very low-speed data suitable for the most basic tasks), Wi-Fi calling (this is where you can use Internet to make/receive calls where the signal may be poor), and high definition voice and video. Check around not all of the prepaid carriers offer these features.
At the time I wrote this review, Verizon limits video streaming on their prepaid device to 480p. Many prepaid carriers do this, but since I have a limited amount of data each month, this should be MY choice. Also, unlocking this prepaid phone in the future even to use with Verizon's postpaid account could be an issue.
I am a long-time postpaid customer, but really am glad I switched to Verizon's prepaid and that the iPhone SE was available at this low price. No worrying about additional charges or contracts any more.