The iPhone also doesn't allow multitasking and hides any performance issues with some slick animation effects. If you've used an iPhone and tried to use the contacts apps with hundreds of contacts, you'll know what I'm talking about.
For me personally, it's not JUST the clock speed. Clock speed isn't everything. I'm a neophyte when it comes to these mobile processors but not only is the clock speed on the low end but they are using a fairly old chipset. When you add that to the fact that the RAM seems to be on the low end AND there is no dedicated 3D chip AND the fact that S60v5 is pretty much the same as the 5800 (minus the widgets and a few small tweaks), the dissapointments add up for a $700 dollar device.
That being said, I am going to wait for the reviews because specifications on paper and real world usage are two different things. That being said, I'm not holding my breath, that the N97 is going to magically overcome all the noted dissapointments, esp. when it comes to the software.
This phone is still on my list, because the other two competitors in this segment also have their own on paper dissapoinments (Touch Pro 2, Acer M900). I'll wait for the first round of reviews/complaints, evaluate the pros and cons and then make my purchase.
I am hoping that the rumoured OMnia Pro and SE Xperia X2 are the phones that will hit this form factor out of the ballpark.