The new iPhone has a lot of improvements, including voice dialing, MMS, and supposed improved battery life. It also supports tethering, but NOT on AT&T.
Meanwhile, Palm has the Pre, which multitasks, features very tight integration with Google services and Facebook, and (very importantly) has a hardware keyboard and removable battery.
As you all know, I have the Pre. One thing that most consumers will not compare is the total cost of ownership. I calculate that my plan will cost me at least $1200 cheaper over the next two years versus the iPhone. This is not an insubstantial amount.
Some things the iPhone has that the Pre does not:
Video recording (for now, the Pre is definitely capable of it)
Compass (who cares)
Voice dialing (for now, the Pre could definitely handle it)
A large App Store.
Supposedly good battery life (Pre lasts about a day, same as the current iPhone)
Some things the Pre has that the iPhone does not:
The ability to multitask, to run multiple programs at the same time
Unobtrusive notifications
Synergy, which connects all your data
Ability to add multiple exchange accounts
Much cheaper data plans
Additionally, people who have had a chance to touch and see the Pre have said it is superior to the iPhone - and this includes at least one Apple fan, and another current iPhone owner, who wishes he'd waited.
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