Yeah, I have been doing my research, and I've found pros and cons for both. I'm just getting public opinion. Maybe someone here has one of said phones and can give their two cents about if it's worth it or not.
I prefer the iPhone 4. I'm now going to tell you why, and will only go into stuff that matters to me.
I find the whole experience (the operating system, the applications, etc) to be much more friendly, polished, enjoyable and consistent. I've had to opportunity to use the Droid X, along with a few other phones running Android, and they run choppily/unresponsively when zooming and doing other gestures, the interface leaves something to be desired, and it doesn't even come close to iOS in polish and attention to detail; not even close to my first generation (2007) iPod Touch running iOS 3. I could write paragraphs about this if I had an Android phone right next to me. You're also getting the largest application store there is with iOS, which is
much larger than what you'll find on Android. The iPhone 4 also has a vastly superior IPS display which is at a higher resolution and provides more pixels-per-inch. I also hear the iPhone 4 produces superior videos with its rear facing camera. The iPhone 4 also looks beautiful.
I've used iOS devies since 2007, and they've never let me down. I don't really care for HDMI-out ports, SD card slots, toasters and Flash- it's all useless to me on a mobile device. I care about the polish, the attention to detail, how elegantly the device works, the ease of use, the applications and so on and so forth.