I think it's more accurate to say that specs aren't everything.
^^ This.
Specs are a factor in what to buy. But they must be balanced with other things: how stable the OS is, how the features work for you, are things smooth and seamless, is the battery life good, etc.
The reason is pretty straightforward: in reality, it's possible for a phone to all-around work better if the OS it runs isn't a resource hog, is well written and well-integrated. Apple typically under clocks their CPUs and waits a year (or more) before upgrading the specs significantly, but during that time, iOS usually runs pretty smoothly despite running in something that's slow compared the 1+GHz multicore android phones, all which have different congifurations and mods and thus, the integration isn't as tight.
So when an Android fanboy comes in here and gawks at iPhone users because the spec sheet says that his newly-purchased Samsung Mutara Nebula S MCMLXXXVIII XL PLUS Version 2 has a faster processor and GPU, most folks on here roll their eyes because those processor specs don't tell the whole story. What good is a 3GHz quad core CPU in your phone if it makes the battery die in 2 hours, and no software tweak in the world can fix it? And what good is 1GB of RAM if the OS needs every last bye of that just to keep poorly-written, bloated apps from crashing and rebooting multiple times a day?
(The above is of course hypothetical, but there have been real world instances where specs ended up meaning little... like, how RIM was proudly touting that the Blackberry playbook could play Flash content because it was superior in terms of specs, but if you tried to get a Playbook to load RIM's own product web page for it, the web browser would have a fit).