Apparently LG is coming out with a touch screen phone and it looks very similar to Apple's version. There unfortunately isn't any specs on the phone, so I don't know if has the same features as the iPhone.
I will say something that LG has that Apple doesn't have: a bigger market share. This phone will probably do better overseas than Apple's phone. I'm still not convinced that a touch screen phone will be very usable, but another bonus is that it's made by someone that already knows how to make cellphones. Experience must count for something.
And by the way, there have been rumors that Nokia is prototyping their own touch screen phone, called the Aeon. So it will be interesting to see what the playing field will look like a year from now. There apparently is suppose to be a Prada version of the LG phone coming out this April.
Check out the video (sorry, it's in French, but at least it demos what it's capable of. Anyone want to translate?).