Figure out what’s your KEYBOARD preference (touch/keys), what you NEED, what’s your BUDGET. I’ll share my experience! Disclaimer, this is just my experience! Others may have had better/worse experiences with the same phones described below 
Me:
Keyboard preference: keys (hate touchscreen)
Need: EMAIL, lots of SPACE for music, PROGRAM to play music, facebook app
Budget: cheap! grad student here (student debt hollaaaaaaa!)
Phone choice: BB Bold 9650!
-best email client till date, hands down, no matter what android/iphone says. Best notification system (heard thats been a problem on android/iphone of past? not sure)
-real keys (although I heard iphone keyboard is easy to get used to…)
-stuck a 32 GB card in it. beast mode son. I haven’t used an ipod in years.
-monthly plans are way cheaper than iphone.
-perk: BBM. Free worldwide messaging. But now new iphones have it too.
Cons:
-APPLICATIONS SUCK! Apple >>>>> RIM for applications. But then again, my needs for a phone besides calling are simply EMAIL and MUSIC. Apps are not a big deal. But…
-NO SWEET TOUCH OSC etc etc. All the sweet DJ apps that are coming out are for iPhone.
*Note: OP, you were considering the Torch right? So I started on the Torch, super pumped about it being BB’s latest phone etc etc. Absolutely hated it because I was always sliding it up to use the keyboard (bought it to give the touchscreen a shot and see if I could do it…). The big screen was awesome, but that would be most useful only for surfing the web. Well, surfing the web was horrible on the torch! Again, APPLE >>> BB for surfing internet sites. So I downgraded to 9650 and that was the best move I made. Still don’t surf the net as much as I would if I was on iphone. Then again, surfing the net is not a priority for me.
Just sharing my BB experience. iPhone definitely has its sweet perks and even I’m thinking about switching to it in the future (even with my aversion to touchscreen) simply because I can incorporate it more into my lifestyle and have a lot more fun with it. Right now my BB is doing everything I want it to. I don’t need bells and whistles since I cannot justify the price.
I personally would wait for the upcoming fall iPhone. It looks legit. It seems to have everything BB had going for it but way more now. If you’re cool with touchscreen and can afford it, there’s no real reason not to go with apple. They really have mastered the phone/lifestyle concept. Android I cannot comment bc I have no experience but it does look like Android is making sweet phones too.
In terms of the companies themselves, BB is going straight downhill right now. The only thing they have going is the Email client, real keyboards, and BBM (which Apple also has now). There was actually a “mutiny” of sorts within RIM recently when RIM employees anonymously posted online letters to the CEOs, blasting them for their horrible leadership. Apple/Google on the other hand are only putting out positive news all the time. But I digress
Wasn’t expecting this to be so long Just got out of an exam. Needed a DJTT break! Good luck deciding 