It's the interface, Stupid
A most important point is being overlooked in this examination of the iPhone and how it compares to other phones. In my opinion, the most important aspect of this phone in the long term is the usability of its interface. I think the iPhone's interface soundly trumps the competition to the point where I'm not convinced they can keep up with Apple's rate of innovation.
While the iPhone may not be as technically capable when comparing certain specs on other phones, the interface makes it easy for me to use the features so much so that I'm less concerned with technical specs for now. The iPhone is the most useable cell phone ever created and that isn't changing in the near future based on upcoming competing products I'm reading about.
Don't forget how fast the iPhone development as a whole has gone. Apple is releasing major Mac OS X updates every 18 months or so and has gone from a revolutionary begining iPhone 1.x to a an extremely powerful mobile computer in v.2 The competition simply isn't moving this fast.
Apple has leapfrogged the other players because of the intellectual property and experience that comes with years of R&D stretching back to the Newton days. I think they have blindsided every phone manufacturer who are now struggling like gazelles running from a cheetah.
I think people need to start thinking of the iPhone in terms of actually being the most popular phone in the world.