I have owned the N95-3 and currently own the iPhone. Both are great phones BTW. They both have their strength and weakness. What separates them is: the N95-3 is great for creating content and the iPhone is great for consuming content.
Its obvious that after using the Nokia that it was made by a company with experience, it does all the little things and then some that make Nokias great phones. While I loved S60 phones, I always loathed the pokiness of the system and the lack of RAM. Nokia fixed that with the N95-3's expanded RAM capacity. I owned the N95-3 for 2 months, my only big criticism is the build quality. There is no excuse for $700+ phone being made out of plastic. My $75 Moto RAZR feels more solid than the N95 did.
The iPhone is a great first effort by Apple. I cant think of better initial offering by another cell phone company. It does lack all the little things that Nokia offers with their phones. A great example of a "little thing" is Nokia's dismiss a call feature that includes a pre-addressed SMS message to the dismissed caller. Things like that really impress me. Other obvious lackings in the iPhone: MMS, AD2P, video etc etc hopefully will come down the road.
For now I am satisfied with the iPhone... but Apple better look out. I will be anxious to see what Nokia and other companies comes up with now that they have been pushed by Apple. I really like what I am hearing about the
Sony X1