You can't make this argument anymore. What smartphone (for comparison's sake, let's limit it to a strict Verizon comparison) has a better camera for photos? What smartphone records better videos? What other Verizon smartphone will support bluetooth keyboards? What other smartphone has the PowerGPU 535, second only to the 540 in the Fascinate? What other smartphone is even close to as pocketable, but still gets comparable battery life?
It is not a middle of the road device by any means. You may not want the features it has, and there are Droids out there for me and you that want other features, perhaps one of those features is unlimited modding and customization. But it's a fast single core processor, a fast GPU (faster than the GPU in the Droid X), a very sharp screen (does any other Verizon phone have that high of resolution??), and an out of the box experience that still beats most Android competitors in stability, responsiveness and speed. Do any other Verizon phones other than the DX offer video out? The iPhone gives you 1024x768 - not 720p, but close.
I have used the iPhone 4. I have also owned a Droid X and a Samsung Fascinate. I rooted and customized the living daylights out of the Droid X and the Fascinate, and when I was done, they were more responsive and had equal stability to the iPhone 4. But out of the box, compared to the iPhone 4, they both lagged in responsiveness and app load times.
The next thing truly, and noticeably faster will be the Thunderbolt. And guess what? No video out. And know what else? It's also more expensive.
Make your comparisons fair.