Where did you see that 1.1 would be full Cocoa? The 1.1 release slated for 3/2005 should reflect a more HIG-compliant interface, but it's still going to be a XUL app. At best, one day they make use Quartz instead of QuickDraw
They're closely related browsers serving different needs. I like my FoxyTunes, AdBlock, Web Developer Toolbar and PR Googlebar, but I also like spell checking in forms, true Aqua widgets, and apps that look like they were written for the Mac.