"But the browsing experience alone is light years ahead of anything from that time...including WM5."
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Light years? Nah. Not if you ran Opera Mini on WM5, which I find myself doing more and more often on my 2.2 based phone. The built in browser is good, but pages load far too slowly for my taste even when I am on Wi-Fi. It does have Flash and it does handle java scripting, but there are only a few sites I use where I actually must have a sophisticated browser to find out what I need. Pretty doesn't impress me.
Having a You Tube app is not a major plus for me.
All the rest of your advantages are due to price drops on hardware, improvements in carrier networks or both.
I prefer to use an app that holds my GPS mapping software on the SD card. Google Maps is nice, but it doesn't beat Tom Tom Navigator for features or functionality and you can't get much snappier map recall than what comes off the SD card.
Sadly, Tom Tom doesn't make an Android version for the US, and I tried others, but they either had odd methods of direction (taking me miles out of my way) or lacked features I wanted. I also used to use a separate GPS puck, that I bought for $20. I thought that was a real disadvantage until I started running built-in GPS and saw how fast the battery ran down when I used it. When I ride my bike, I like to log my path (to be uploaded on my PC later) but I sure don't want to be logging away only to find my phone dead and unable to make or receive calls. If the puck went dead, so what?
Oh, and when massive amounts of 4G comes down to $12 a month, let me know.