What exactly is it missing out of interest?
For me, whats missing is:
-Solid development platform. I don't consider Android a solid OS on most handsets due to the fact Google has no real minimum requirements to which handsets can support Android. Yes, I know Google addressed this and fixes will be there in the future, but right now its not. I also think their developer documentation is lacking.
-Too many app store models. You have the Verizon market, the google android market (that just launched), and many others. This is a mess.
-Fragmentation. Sure end users don't see much problems fragmentation wise, but for devs its a much different story. The fact that over 80 different handsets with no minimum hardware requirements for an app makes it very hard to develop something. Not to mention there is no guaranteed date of upgrades for particular handsets. This isn't googles fault its the OEM's fault.
-Lack of quality apps. There is junk on both platforms but iOS apps are consistently higher quality than that of their Android counter parts, even among apps of similar titles.
Theres many more reasons but it doesn't matter how many I list because people will chime in anyway and tell me I'm wrong.
I have a plenty of experience with Android, I have access to a lot of Android hardware including phones and tablets and have been working on porting a game I am working on to the Android platform. In my opinion though, it doesn't hold a candle to iOS. When Google implements some of the failsafes they have been talking about then it will be much better but right now it still feels like a toy OS.