I had an HTC desire before this phone, And i prefer this Defy. its not quite as fast as the desire,But that might be because the desire was running andriod 2,2 which the Defy needs and is getting 2011 Q2.
It has the best email client i have ever used on a phone. Hardware wise this phone is very good such as the PowerVR SGX 530 GPU.
In short this must be one of the best android phones power/price wise.Totally underrated.