I have an iPhone 4, I've had iPhones for 4 years. I love the iPhone.
I tried a Nexus S with the newest Android recently. Using it, I learned that Android is, frankly, today, ahead of iOS on the phone side.
Android's notification system is better. It's so much better, that Apple directly copied it. Android's hardware back button works, it works well, and it frees up more screen real estate for useful content. Android's home button is more consistent. Its apps are more powerful, google talk video works great. Its wireless seamless binary-only updates are revolutionary.
Apple has fallen behind, and will only catch up with iOS 5 in the Fall. Of course, I fully expect Google to innovate further and be even farther ahead in 2012.
The coolest thing by far, and this is something that Apple won't have in the foreseeable near future, is voice recognition. Google's voice commands work suspiciously well. I find it far easier to press a button and say "text John Appleseed: Hey, let's go to the movies tomorrow at 3" than to navigate menus and type it in. Google's tech recognizes words and phrases I wouldn't expect it to.
Apple still has more apps, but that won't last for too much longer.
I have an iPad 2, and I love it, but my next phone will be a Droid.