I 100% agree. The DPI of the iPhone 4 is outstanding (326dpi), so the screen will look extremely high res. Apple state it's higher than the human retina can perceive when held at 10"-12" and call it their "retina display".
Now a high dot pitch is a good thing, but it's mostly marketing hype.
The iPhone 4 has a DPI of 326, and on phones like the Nexus One, Desire, Incredible, it's 252. Sounds a big difference right? Wrong... When you move things further away from you they appears smaller. So, at a certain distance, a 252DPI display will appear to have the same level of detail as a 326DPI display at a closer distance...
For those of you interested in the calculations (which may be wrong? I'm no expert), a pixel on the iPhone 4 is 0.00307" square and a pixel on the N1 is 0.00397" square. At a distance of 10" the iPhone 4's pixel will have an Angular Size of 0.01759 Degrees.
So, the question is, what distance would you have to hold your N1 at so that it appears to have the same detail as the iPhone 4. If we use our iPhone's pixel angular size of 0.01759 degrees, and the N1s pixel size of 0.00397", we get a distance of 12.931". You can use http://www.1728.com/angsize.htm to check this for yourself.
The bottom line is, in terms of perceived DPI, the N1, Desire, and Incredible, are the same as an iPhone 4 at 10" when they're held at 12.931". All these phones could boast "retina displays" if you held them at 13" or more away from you. Anything further away than that and what you want is a BIGGER screen... like the Evo, Desire, N1, Incredible, etc.
For giggles, measure how far away you hold your phone. I hold my phone about 16" away, so for me an iPhone 4's screen would not look any better than a good Android phone screen. The Android screen would look better as it is bigger.