I'm loving Android, but am finding a few things frustrating with it.  A lot of the issues are basically thinks I liked about the iphone, that are just not there with Android:

• Android's UI doesn't feel as "polished" - note I'm using Launcher Pro as my launcher which makes things a bit better
• Some apps are just not present, which I really would like.  The biggest app that is missing for me has got to be Skype
• The apps that are present are just not as polished as their iphone equivalents, a good example of this is the Facebook app
• VOIP doesn't work as well on android.  With the iphone you had a solid app in the form of the siphon app.  Android does have a few VOIP apps like sipdroid, but again, its not as polished as siphon
• The app market on android is a total joke, for starters there is no paid App market in Hong Kong
• Music syncing is a pain
• Battery life sucks

The list of what I like about Android is much much longer, but I just wanted to highlight things that could be improved.