Phone time - Nathan
I have both an iPhone [3G] and the Google phone. There's pros and cons.
The current iteration of the Google phone will only do Edge on AT&T, not 3G, so if you want a Google phone now, I recommend T-Mobile [in the US].
The iPhone is more polished, the Google phone is more open source. The Google phone has a better camera, and a much higher resolution screen. The Google phone is better at integrating with gmail.
If you want a smartphone, the iPhone and the Google phone are both very nice.