In no way am I underestimating it. Anyone that follows any tech knows the following that the iPhone has. It's enormous... but Android isn't the red head step child anymore, it's a real contender to take market share from Apple.
This summer I would expect to see the real battle as you mentioned... with LTE rolling out and devices in tow.... Android v. the iPhone 5, the stage is set. I just don't think it's going to be earth shattering numbers in Apple's favor that Apple is expecting. Android has a footing, albeit not as strong as Apple's, but it's not going to be a lopsided ordeal IMO.
This is where I disagree - Android's only major advantage was being on Verizon and AT&T's exclusivity of the iPhone. Now that exclusivity is gone, and all things being equal, more people will be getting an iPhone - and that includes switching from Android. I expect the number of users on Android vs. iPhone to begin greatly tipping in iPhone's favor when iPhone 5 is released.
I'm not sure it will be earth shattering - right away anyway. But give it about 2 years, and as people's contracts expire, more and more will choose iPhone over Android and Blackberry.
I agree it's speculative, and I don't like it, but this is where it seems to be going.