In the Android world, EVO or Droid Incredible are basically the state of the art.
I would call the custom build glass for the front and back of the iPhone, along with the multi-purpose custom alloy bezel, and the other hardware innovations to be the definition of state of the art. What other vendor is putting this level of detail and innovation into their products?
"In the Android world"
Performance, battery life, display quality, weight, etc. The iPhone 4 is the new front-runner, but it isn't in a very significant lead.