I haven't seen the latest version, but based what I have seen previously, it is a different UI (user interface) that fits the scale of an iPhone, and has touch controls that are much more useable that (as in LMI or RDP) getting your 17-20" computer screen presented on a 3.5-4" handheld screen that wasn't built for touch.
You might want to wander through the Verizon store before-hand and try out the latest from Motorola or HTC, to see how you get along with touch interfaces - most find them quite pleasant once you get the hang of it.
As Bert will point out, and I agree, if you go iPhone, you won't have the joy of Swype - but the iPhone keyboard is decent, just not as good.
