Compared to Captivate:
GPU
GPS chips (I know, the irony - but it's a temporary problem)
Voice commands/voice to text
Google Maps
Google Navigation
File System (as in saving attachments etc.)
Flash Card (one wish it would take just 1-2 years)
Small Screen
Not comparing to the Captivate. He said 1-2 years old phones. And while the Captivate has those advantages over the iPhone 4, the iPhone 4 also has different advantages over the Captivate.