The main differences, I think, are...
iPhone is good for people who want a phone to work straight out of the box, but then you may get frustrated at the restrictions.
SGS can be frustrating at the start but then the freedom of Android wins you over.
iPhone has better HD games at present.
Android is catching up.
iPhone has a lot more apps.
Android appears to have more ad-supported free to download apps that cost on the iPhone.
iPhone is so much easier to backup.
SGS can be tricky as there's no one-stop backup solution just yet - this, in my opinion, is THE biggest failing.
iPhone perceived quality is better - I've seen a 4 with only a small chip that had been thrown through a car window and bounced off the road. Then I've seen a 3 that fell 2 feet and cracked the screen.
The SGS is criticised for being plastic, how many phones end up in plastic cases anyway, plus that plastic will absorb any impact better. My SGS is almost two years old and almost looks like new.
If you're good with your tech and want a device to make your own, and customise with ease (once you learn how), get the SGS. If not, probably stick with Apple.
EDIT: Almost forgot, if you go Android, you will be looked down upon by iPhone owners, generally.

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