I don't think that the concept of a phone-trying-to-be-a-PC is limited by what CPU or RAM it has. You can run complete Linux and Windows CE desktops on devices with way less resources. Doesn't mean that it's the UX the world needs ;-) On the other hand, as long as you know what you want, and know what is available, then none of it really needs to be in competition.

Not from a UX point of view. Many non technical people enjoy iOS exactly because you can't too much with it. It reduces complexity.