Compared to an Android phone like the Nexus Prime, which has a 1.5 Ghz processor, a full 1 Gig of ram (compared to 512 in 4s), a Super AMOLED display with only 6 dpi less than iPhone, LTE/HSPA+, and a 2050mAh battery.... It might be a little behind.
Of course you have to factor in the crappy android OS, which makes the iPhone the best by default. But if you go strictly by hardware....
Now you see why you shouldn't be a stat whore - besides the fact that we don't yet know how much RAM the iPhone 4S has, it's not a matter of whether it matches the competition, but what you can do with it. I don't care if it matches spec for spec, as long as I thoroughly enjoy the experience and can do everything I want.
Now, back to the point of the thread - it is truly amazing that we have so much power in our pockets, even if it is a bit less than the competition. It would be the same as carrying a complete computer room from the 70's - in our pocket