Not entirely true. While the N1 does have some hardware advantages like its noise cancelling microphone. But other phones with the same processor (assuming that's the main part of what constitutes "powerful") have other advantages. The HTC Desire, for example, has the same processor but more memory, physical buttons for Home/Back/etc, and an optical trackball.
If you wait just a few weeks, the Samsung Galaxy S due for release in June and has a FAR faster graphics processor. The HTC Evo has a bigger screen and 4G.
The N1 is certainly one of the best all-rounders, as you're not tied into Sense UI and it's easy to root. Plus you get instant OS updates (as shown by the N1 getting FroYo a day after it was announced at Google IO).
