As an Android user and admitted Google fanboy, there's a secret part of me that always hopes the new iPhone will be so much and so unequivocably better that I'll want to switch.
I really like the iPhone 4/4s ID, but I am a bit disappointed that there's not a shiny new chassis with something to blow me away.
No doubt the camera (now even more so) is better than anything on any Android device, probably by a lot. The pixel density, contrast, and surface proximity of the screen is fantastic. Hardware-wise, the only thing I can ask for is LTE (hell on the battery, I know) and a bigger screen (impossible to maintain pixel density, I know, but I love the 4.3" screen on my Droid X, I don't think I could go back).
Software-wise, with the new notification system, I think the only major feature I want now is something like Locale or Tasker, background apps that allow me change phone settings according to different criteria, e.g. when I'm at home, my ringer and wifi turns on, when I leave home they turn off.