Nokia unveiled their real iPhone competitor today with the Nokia N97.
The Nokia N97 combines a 3.5" touch display with a full QWERTY keyboard. The Nokia N97 supports up to 48GB of storage, including 32GB of on-board memory, expandable with a 16GB microSD card for music, media, and more.
Other feature highlights of the Nokia N97 include 5MP camera, DVD quality video recording, 1.5 days continuous music playback, Nokia Music store support, HSDPA, Wi-fi, A-GPS sensors and an electronic compass. The Nokia N97 is expected to begin shipping in the first half of 2009 at an estimated retail price of EUR 550 before taxes or subsidies (~$700). Via this Nokia announcement.

For me the Nokia N97 comes just too late. It all sounds nice especially the Geo social features, but it should have been available yesterday not in Q1 of 2009. By then Apple will already be close to revealing the next iPhone generation.