lets see
lower clock speed (probably)
less ram
smaller screen (not 720 either)
no removable storage
no removable battery
no nfc
no customization
no custom roms
no smart stay
no pop up player
..........
Im just going to stop now. I think the point is made.
None of those things make or break a phone. The clock speed and ram mean nothing with iOS has a much smoother and more responsive feel to it. The screen size is personal preference, and 720 is not really necessary on this size of a screen. The high pixel density and aspect ratio are the more important numbers. Removable storage and batteries aren't really that big of a plus. If you truly need more space, get the larger capacity phone. But with many things being integrated with iCloud, there is less and less need for more physical storage. If you need more battery life via an extra battery, there are options for the iPhone as well. NFC is not supported widely enough for it to be a requirement for all new phones, and Passbook makes up for that anyway.
The rest are nice features and some can be added through jailbreaking, but they're for convenience mostly. Multitasking and switching between apps is easy enough.