The decision will come down to what's most important to you. The n95's strongest point relative to the iPhone is the camera, which sealed the deal for me. The iPhone's strongest points are the UI and iTunes integration. Browsing is similar on both, except that the iPhone has a bigger screen and the touchscreen, which give it the edge. The n95 also has a few more "regular" phone features, such as a physical number keypad, MMS, as well as other touches such as the video out port and GPS. They are pretty similar on other media capabilities (youTube, non-DRM music) and connectivity (EGDE and Wi-Fi in the US). iPhone is a more solid device (no moving parts vs. a slider). World travelers might prefer the N95, since it is sold unlocked, and is thus compatible with local SIM cards that save on roaming chargers, and it's 3G in Europe. Stated battery life is definitely an advantage on the iPhone, although at least the n95 charges pretty quickly and it isn't nearly as bad as what the forums suggest (battery life has gotten a little better with the firmware upgrades).

It's hard to go wrong with either phone. Buy what makes sense for you and don't worry too much about what others think.