I think this is the first time Apple has real competition to the iPhone.
iPhone is successful because Apple is a services company. We all like to think of Apple as a software/hardware company but the real invisible force that keeps the company going are services. Until now, only hardware companies have tried to face off against the iPhone and, while they may have had good products on paper, they lacked the services to support the product.
This time it's different however. Google is also a services company—an arguably better one than Apple. And now they've built hardware. The biggest hurdle google faces is convincing andoird users who are used to buying cheap smartphones to pay a premium for the pixel.
Time will tell how this goes but google has a huge opportunity to take a large piece of the pie from Apple. Apple, on their part, can't be complacent or else they risk fading into irrelevance, just like blackberry.