If multimedia playback can be correctly implemented, as well as a viable custom EQ, I'd never even LOOK at another iPhone and think "man, I wish my Droid could do that". Even though the presets on the iPhone are crappy, it's still there. Give us what Apple refuses to give us to this day,.....Android will have quite a few more converts that way.
Still, I do love the freedom Android does provide for customization, free apps & games, I can change the battery to a higher capacity if I want to, etc. It's just 1 small thing I need to have a complete "convergence" device, and Android is close - and the iPhone is almost there as well.
Each has pluses and minuses - I'd just want Android to even up the competition (makes for quicker innovation IMO).