Re: what’s the point?
"forget the fact you have paid a premium price for slightly behind the latest tech"
Dual core CPU that beats the quad-core in the SIII, 3-core GPU, manually laid out ARM processors (see below), camera that's better than the SIII.
Inside the A6, the most prominent features are the dual ARM cores and the three PowerVR graphics chips. Chipworks found that the ARM processors are laid out manually, which can result in faster processing speeds but is also more expensive and time consuming to develop.
"The manual layout of the ARM processor lends much credence to the rumor that Apple designed a custom processor of the same caliber as the all-new Cortex-A15, and it just might be the only manual layout in a chip to hit the market in several years," iFixit said.
iPhone 5 display vs. Samsung SIII display. From http://www.displaymate.com/Smartphone_ShootOut_2.htm
iPhone 5: It is the Brightest Smartphone we have tested in the Shoot-Out series, it has one of the lowest screen Reflectance values we have ever measured, it has the highest Contrast Rating for High Ambient Light for any Mobile device we have ever tested, and it’s Color Gamut and Factory Calibration are second only to the new iPad.
SIII: The Brightness is about half of the iPhone 5 due to power limits from the lower power efficiency of OLEDs and concerns regarding premature OLED aging. The Color Gamut is not only much larger than the Standard Color Gamut, which leads to distorted and exaggerated colors, but the Color Gamut is quite lopsided, with Green being a lot more saturated than Red or Blue, which adds a Green color caste to many images. Samsung has not bothered to correct or calibrate their display colors to bring them into closer agreement with the Standard sRGB / Rec.709 Color Gamut, so many images appear over saturated and gaudy. Running Time on battery is less than the iPhone 5 due to the lower power efficiency of OLEDs, even given that the Galaxy S III has a much larger battery capacity and much lower Brightness.
Price... iPhone 5 16GB £529. Samsung SIII 16GB £499 at launch, now £422.90 (Amazon).
I really don't think I've paid a premium to get a phone that contains "the latest tech" than the Samsung SIII.