Motorola, for all their faults, actually knows a bit about building good hardware. Think about how revolutionary the original Motorola RAZR was when it came out, with a tough metal body rather than the craptastic plastic that was otherwise standard beforehand.
Without having handled a Droid, I can't speak to whether this particular one knocks it out of the park or not, but I'm intrigued.
My two-year AT&T contract doesn't end until next summer, and I'm still reasonably happy with my iPhone and with AT&T. (In Houston, 3G works much better than what I've heard about San Francisco.) I'll reevaluate the situation then and decide whether I want to stay or go. Who knows, by then there will probably be Android GSM variants worth considering.