Get a Symbian S60 device.
Yeah... like the N95. Everyone knows the N95 is superior to the iPhone.

Aaanyway.
My feeling is, if you think the Apple platform has legs, go for it. If you think another platform will be able to provide a better long term value for your dollar, definitely go with that one or hold off. There's a distinct problem however, and Apple is doing their best to highlight the disparity. alphaod's comment seems symptomatic of the attitude that many "feature-chasers" have, which is,
"Don't limit yourself, to a platform with few options... pay more money, and be prepared to switch devices as often as it takes to insure you can have the best of breed features, no matter how clunkily implemented." Personally, I think that approach is garbage. I'm strictly a user-experience person, and I no longer have a high threshold of pain when it comes to bad UI's. On that, the iPhone has spoiled me.
Android:
Pros - Fully open OS, where developers can do whatever they want.
- Many hardware alternatives, HTC will probably outdo iPhone later this year.
-Potentially very large developer base.
To-Date, Google's Android browser, based on WebKit (what S60 browsers are based on, though the version an implementation will vary greatly), looks truly usable... many of its other facets are very excellent as well. Added to that, a growing and active developer-base (and rumors of an AppStore)... and Google is primed to deliver on what is likely to be the only OTHER mobile OS that I might consider over OSX iPhone.
So, on the choice... I'm totally with you. iPhone or Android. The only problem Android begins to introduce however, is the question of execution. End-to-end, I think the iPhone just WORKS. Whether its hooking it up to my computer, and syncing with iTunes, or using the system itself to listen to my voicemails or get things done. Also... Android is ONLY an OS. It's not a platform like Nintendo DS, PS3, or Gameboy. There isn't one given "spec" people can develop for. They have a range or slightly different devices with different capabilities. That means, for as many developers as there will be for iPhone/Touch that will be writing apps for that hardware profile... the developers on Android are going to be fractured, constantly making provisions for features that may or may not be present.
This isn't just true for the screen real estate, accelerometer, and touch features... but its also true for hardware connectors. I was NEVER more liberated than on the day I got my iPhone, and hooked it up to my car with the same power adapter I'd used for my iPod. Moreover, after a software update, even my TV video converter worked. Not enough can be said about Apple's decision to keep the iPhone jack universally consistent. This give you a HUGE list of devices that can extend it, from stereos to cars.
Right now, I have an Apple TV, laptop, iMac and iPhone that can purchase and playback the same media and live in the same ecosystem. I can download a podcast on my home machine, and access it from my iPhone when I wake up in the morning. Android will have a difficult time connecting all these dots, especially when DRM comes into play. For instance, I've purchased songs and albums at work, on my iPhone, and recently "transferred" them to my laptop, and played those same songs over breakfast with my fiance using Frontrow on my laptop (connected to a 24" monitor). That was nice. It would BUG me to return to a world where suddenly my different devices have arbitrary incompatibilities. This morning, we watched a stand-up routine from Comedy Central that had been on my desktop machine... had been synced to my iPhone... and pulled off to my laptop.
The things I think Android would excel at... I'm not sure I care about... but I would readily admit, they would be really nice. #1.) It will probably support Bluetooth more robustly, so that my Bluetooth headphones will work with my phone as WELL as my laptop and desktop machines. #2.) Storage will probably be unlimited with memory cards. Can't deny that this would be potentially useful.... especially if... #3.) I can record video clips. #4.) Nice to have extra batteries... though that's becoming increasingly a non-issue, with adapters even being added to plans. #4.) Theoretically more software freedom, though I'm still somewhat skeptical of what that means and the experience it ultimately creates for the user (I'm not sure developers will agree on how best to use system resources in a mobile device when given cart blanche, but its just a suspicion).
There's a lot of things the iPhone can do when jailbroken... but I hate having to do that. I'm looking forward to iPhone 2.0, and hopefully some other updates Apple will make over time to its Bluetooth and media recording support.
Cons - Resistive touchscreen, as it seems.
- Many hardware alternatives may cause apps to not be optimized, or to not use the phone´s whole potential.
Bottomline, is that I think the iPhone is a wholly SUPERIOR platform overall to anything else in the market. Android is, hard to believe, even YOUNGER than OSX iPhone when it comes to public/consumer exposure. Both OSX iPhone and Android have deep roots in development... but I'll be more sure of Android after its been shipped, and shown me how it will not only perform, but evolve. And remember... just because Android is open, doesn't mean there will be software to exploit a specific "neato" feature of a phone you bought. For me, there's a reason why Apple's hardware/software "integration" won hearts and minds (and will continue to).
I didn't mind being a genuie pig with iPhone 1.0. Even then, it was superior to the Motorola Nextel/Sprint platform I'd been on. Now having tasted the power of a platform that is equally good on the web than it is media, and computing... I'm loathe to look to anything that doesn't hold much of the same promise.
I was just reading reviews from the InSTINK, and it seems to prove that Apple software leadtime is really holding up. I'm anxious to see how Google's awesome promise (loved the "compass" and "streetview" demos), will raise the bar, but with all the new iPhone 2.0 additions, I'm afraid all the independent development in the world isn't going to bridge the gap in platform universality and ease-of-use, for at least a couple of years. By that time, I'll be watching and constantly reevaluating.
~ CB