I traded my iPhone for an Optimus V on VM. The iPhone is definitely a better phone, but with the monthly fee difference there is just no question the Optimus V is a better value. $150 phone + $25/mo plan. Unlimited data, free built-in GPS, and easy to activate wifi hotspot. Heck, just a mifi plan is more than the VM base plan for the Optimus (which again has UNLIMITED data). I don't like carrying extra gadgets, but jeez for the cost savings on VM compared to ATT/Verizon over two years (we're talking at least $1000-$1500 to make roughly the same services -- data and hotspot and GPS) I can have the Optimus V, an iPod Touch, an iPad or MacBook Air, and still have a lot of cash left over.
I love the iPhone, but I don't love it enough to fork over $2000 over two years when there are phones that are 80% as good for 25% the cost.