Both phones are great. I personally have a Droid because I didn't want to have to switch carriers (I prefer sticking with companies if I can help it), and I absolutely love this phone. My only complaint is that the native Facebook app. is a bit underwhelming as far as notifications go and certain features not being there yet. Oh, and my email is a bit weird. But truly this phone is great. Has a lot of customization in the sense of being able to put things wherever you want, along with widgets. Plus, the screen on the Droid is absolutely magnificent.
You might want to consider the Nexus One as well, which is currently on T-Mobile or you can wait until "Spring" for the Verizon version. It's pretty much the same, but it doesn't have a physical keyboard (if that matters to you) and it has a trackball (which the Droid does not have). Plus, the Droid and N1 do look differently, if you think that'll bother you too much. Nexus One's screen is also fantastic; same resolution as Droid, but OLED technology which can make the screen seem a bit crisper. I hear there's more issues with seeing the screen in sunlight, but I can't attest to that claim since I don't have the phone.
I can honestly say I don't have any iPhone experience, but my friend who has one seems to really enjoy it. If you jailbreak it, then you can multi-task and get a little more personal with it, but I think I made the right choice when I got the Droid on Verizon. Especially since Wal-Mart's online store had it for $99.99, so you can even save yourself $100 over the iPhone 3GS 16 GB. I hear Best Buy has the Droid for $99.99 as well.
It's hard to know what you want in a phone, though, so I would definitely suggest checking out reviews of each and seeing how the phones pan out for you. Then, I'd also suggest going to a Verizon and AT&T store to play around a bit with each phone. Try to get your own opinions on the phones.
And with all that, I bid you good luck with your decision.
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