HTC Nexus One by Google (unlocked)

Pros: Fast!, elegant, multi-tasking, multi-touch (yes, it is multi-touch capable), removable storage, awesome AMOLED screen, Includes free Google Maps app with narrated turn by turn GPS navigation, 5mp camera, open OS, very customizable.

Cons: Less than perfect touch screen sense - The iPhone does seem a little smoother in this area.
The select/copy/paste works great, but not quite as elegant as the iPhone's.
Not a lot of multi-touch apps available, yet. This will change soon I am sure.

Summary: As close to perfect as any phone on the market gets. Best phone on the market and does most everything you could want it to, despite reviewers saying it cannot do many things that it can. It does support multi-touch, but Google does not include multi-touch features in the default shipped applications (In the US market), no doubt because they do not want to get sued by Apple. There are already apps on the Android market that use multi-touch, such as the "Dolphin" web browser. Also, you can sync Exchange email, contacts, AND calendar, and tasks; but this requires an app called "Touch Down", which is another $20. I hope to see this integrated into the next release of Android.

Multi-tasking is key for any power user. You get great functionality out of the box that the iPhone requires jail breaking to come close to. For instance, you can install a "lo-jack"-like app (such as "Mobile Defense") that you can activate if your phone gets lost or stolen. That is possible because Android allows apps to run as services in the background.

To get full Exchange syncing (including calendar), you need a paid app (~$20) to do this. But this is possible, and something all reviews I have read say is not possible on the Nexus One.