What's special about Android is that it is completely open. All of the firmware inside is open source. You can do anything you want with it.
You say that like it can magically pull any software you can imagine out of thin air. You, (as a consumer,) can not do
anything you want with it. Like the iPhone, or any OS, for that matter, that software has to be created. I understand that your definition of "anything" refers to not having a company oversee and allow certain applications or allow you to manipulate certain aspects of a device, but that's a far cry from the literal term.
From a developer's standpoint, you, (the developer,) can do anything you can figure out how to create with it. That goes for any platform. Technically, you, (as a developer,) can do anything you want with the iPhone. Apple just might not let you put it on their store and in that case, you'll have to target the breakers.
So, no, no overlords passing judgement on your apps, be they useful, useless, expensive, malicious, pornographic, or whatever. Unless T-Mobile tightens the reigns on their supposed App Store. That's the thing. Until it exists in the consumer's palm, there's no way to compare it to anything we've got now.
Open source is great for development purposes, and I understand that this means that a manufacturer or developer can tweak the OS and apps to their liking and preferences. However, as a consumer, I've yet to see a wide variety of open source software that trumps closed source software, created by a large, integrated, and experienced organization who either created their own source, or at least heavily expanded upon open source (e.g., Darwin.)