I owned and used the iPhone for 6 months, frequently switching back and forth between it and my ppc's. I can honestly say that it is the nicest phone I've ever owned. The WOW factor is incredible. The features are obviously the problem.
Safari is light years ahead of any wm browser I've ever used. Media Player is the same. Ease of use also, but with very limited functionality it better be!
Windows Mobile is still way ahead as far as features. A2DP, IM, Sling, Video recording, etc etc. But I will say that with 3G and a good, program rich SDK community I would probably go back. Hopefully by then Windows mobile has caught up in everything else.
Windows Mobile gets my vote by far... right now