The latest iOS is 4.2.1 and the latest Android OS is 2.2 i.e. FroYo
1.Flash is on of iOS's drawbacks. This makes it extremely annoying when viewing web pages. Android on the other hand does support it.
2. Whereas iOS has video-chat features built in (FaceTime), You can only video-chat on Android through external apps, therefore the performance of these apps may be very low. This applies to book-reading and email as well (iBooks and Mail for iOS, no such thing built in for Android)
3. iTunes covers syncing for iOS, and its speed and user-friendliness beats Android fair and square.
4. Apps- There are over 200,000 apps for iOS, but only 50,000 for Android.
Personally, i'd go for iOS. What would you pick, vote in our poll. Stay tuned, because next week we have, Windows vs OSX...