I have a droid, got it for free in fact, and I gotta say, I freiking love it! over 75% of the apps and games for it are free or have demos, they look nice, and have a full sidekick style qwerty keyboard.
as those mcdonalds ads would say 'I'm lovin it'
all the pros are practically the same as the ones listed above for the iphone, cons are practically the same, but my battery can last for about 3-5 hours off-charger while playing a game nonstop.