Right on 928! +1.
In addition, if I'm correct, we have a CPU and a dedicated GPU, whereas the N1 has that snapdragon 1Ghz performing both functions. So to me other than maybe the memory increase, both should perform on par.
Yes, that's correct. The Droid has a 550 Mhz Cortez A8 (actually, it is a 600 Mhz underclocked to 550), with a (I think) 200 Mhz GPU (not sure on the make/model there). The RAM will make a difference, but I don't think it will be that noticeable in real-world applications, plus we get 16 GB of storage included, the N1 only has 4 GB.