It boils down to what features are people going to use the most.
I believe the touch screen sensitivity and display are the most important, because no matter what type of use a person has, he has to use the touch-screen.
Having used numerous phones lately, with the HTC Touch Pro being the eye-opener, I've come to the conclusion that the user-interface and usability of the phone should rank much higher than the features.
I would probably use the GPS once a week. I definitely touch the screen 100 times a day.
On paper, every phone has a touch screen, but the quality is not known. Thus, the other features are accentuated. It's a game of quantity over quality.
Nokia was one of the fastest growing companies in the 1990's, and it has become one of the fastest declining companies in the 2000's - Not because their products are bad, they are not good enough compared to competition. They failed to innovate.