Style
The iPhone 4 is sexy. There I said it. It's a well put together piece of hardware. Just like most of Apple's hardware it's more piece of art than instrument of daily use.
There are sexy Android phones, but due to fragmentation, we can't say across the board that the Android phones are sexy. What Android does have is variety. Do you want a big phone or a little one. Are you interested in having a physical keyboard? The key point here is variety.
iOS
iOS is pretty. It's easy to use. The Apps that are available for iOS are for the most part well put together. There is a consistent user experience across the board. When working with Multi-Media it's a gem. Literally.
Android
Android can be pretty. It has somewhat of an industrial feel. What it has is functionality and flexibility. HTC has their Sense user interface which is beautiful and smooth. Android is Open-Source so whoever wants to hack up the code can do it and it's welcomed as making a better product. Android absolutely wins when it comes to customization.
Which To Buy
That's completely up to you. If you buy an Android phone, don't buy the cheapest one. Buy a newer phone with the features that you want. If you buy and iPhone, well, you just get the phone.
My recommendation is that if you want a phone that is easy to use and is good for Multi-Media and games get the iPhone. If you want a phone for Social Networking and interaction that you can make your own, get an Android.
Conclusion
Both platforms have plenty to offer and are mature enough to provide a solid user experience. While iOS was the trailblazer in the industry, it's no longer the only show in town.

