The Pre is Palm's foray into the touchscreen smartphone neighborhood. It's basically their way of saying "don't forget about us, we're a company too!"
When push comes to pull, however, you have to remember that Palm is a business, just like Apple. They've implemented many new ideas into the Pre, but in the end it's up to the end consumer to judge whether or not they're worth the premium price.
The iPhone is a developing smartphone, so I guarantee you that, come the next revision, it will implement some features which are available on the Pre. It's hard to jump to any conclusions yet, however... when the Pre becomes available, more will be discovered.