The much rumored Motorola Droid gets officially teased on the Verizon Wireless site (Via Engadget). The short animation lists things the iPhone does not, but Droid does. The list includes the usual downsides of the iPhone including, no multitasking, no exchangeable batteries, shitty camera, etc.
At the end of the Droid teaser you can subscribe for updates on Droid.
That page lists a couple of Droid features including 5MP camera, Android 2.0, Multitasking, Speech Recognition, Directions, Hi-Res, Video, Tunes, 10,000+ Apps, and The Network.