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Wow...I really like the phone and though I also have a high end Nikon and HD camcorder I'd like the option to use the phone on the fly. I always have my phone while out and I only take my camera and video device when I plan on going somewhere.
Here is the deal breaker for me...iPhone apps. The apps make the iPhone and there are just too many I use constantly to part with my iPhone for now.
Competition is nice though. It will force Apple to keep up and improve on some weak areas.
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