For a high-end smartphone maybe, but I don't think this was ever meant to compete with the high-end android phones on the market. This is more to replace the G1 and I think it looks pretty good. I had a G1 and a MT3G and I'm excited to see how it does.
I have had a chance to play with this phone and I like it a lot. I have a DROID myself and my friend got this phone yesterday when it came out to replace his G1 (which I rooted to 2.1). The phone has the same processor as the MOTO DROID, the only thing I see is that the screen could have used a higher resolution but was a lot better then the other Android phones on T-Mobile. it has 2.1 which is a plus and once this phone is rooted it will be amazing. So do not hold this phone back just for a screen, it runs a lot faster then I thought it would.