Excuse my noobness but I also have both devices. I've had blackberries for a long time. To me just compare the first generation BB 850 in relation to its competition. Pretty standard two way text pager. Really it was nothing special. Compare that to Apple's first device, again in relation to current competition. As a previous poster put it, it isn't finished yet, but when it is, they have the potential of taking over. You see RIM only has one specialty in its business. Apple as seen in that keynote address has three. And they are focusing heavily on the iPhone and attempting to knock RIM off its perch as #1. In other words they are using the majority of their resources from the other two arms to fund iPhone R&D and sales. RIM is a one trick pony. (smart phones)
For me by far the better device is my curve. I have every feature imaginable on it that I would need. But as the 3rd party stuff on the iPhone has improved, I noticed that my curve's use time has decreased a decent amount.
The only way iPhone will go down is if Apple beats itself.