Yo Elvis!
I've been playing with the EVO since June 1st comparing it to the iPhone 3GS. I also ordered an iPhone 4 so I can include it in the shootout.
The EVO has its strong points: 4G data service, unique apps (Sprint live TV, GPS status, animated wallpaper), unfettered multitasking, bigger screen.
It has its commonality with the iPhone: makes phone calls, does text messaging, many similar or identical apps including Pandora, Shazam, WeatherBug, Google Earth, SportsTap, Fandango, etc.
It has it's weak points: shorter battery life (on average) than the iPhone 3GS or 4, lacks cool apps like NFS: Shift, Plants vs Zombies, AutoWeek, Things.
As for the "hotspot" feature, it works, but the "client" devices using the hotspot download/upload a much lower speeds than the EVO "host." And my biggest bummer: lack of simple, integrated tool to sync tunes, movies, contacts, calendar, apps with my Mac.
Many of the EVO's weaknesses will be addressed in time. The Android phones represent the biggest competitive challenge to the Apple iPhone. And more Android phones are coming including the Droid X from Verizon which is being shown at E3 this week. Supposedly the ship date will be officially announced the day before the iPhone 4 ships.
Highlighted section is the most important to me.