Top end processor? Yes.
High-end RAM that properly runs the OS? Yes.
Front facing camera for video conferencing? Yes.
Larger screen? Yes
Better resolution? Yes
Better Keyboard? Yes
Better camera? Yes
Better Build Quality? Yes
WebOS on it instead of Android or iOS? Yes
Touchstone ability? Yes
Non-Boxy "looks like everything else" design? Yes
The only things that bug me? Lack of 4g, which is worthless to me at the moment as I'm just outside the DC covered area. Lack of HDMI out, which would be something I'd use once in a blue moon. And lack of an SD Card, which isn't a huge deal to me nor something I was expecting since I actually have the crazy sense to look at the history of Palm and make logical realistic guesses.
The Touchstone functionality alone will be more useful for me than those three things combined for the next little bit. And unquestionably WebOS as an advantage hugely trumps them. Everything else about the phone is on par with either high end, or top of the line, phones that are about to be put out.
The only true "Fail" is if they literally take 6 months to launch this thing like they did with the Pre 1. Launch this around Memorial Day at the latest and you may be alright. March or April would of course be MUCH better. If this waits till July or August though, then there's going to be large problems for HP.
But Spec and design wise? Hardware + Software is better than anything on the market or that's been announced in my opinion. The problem with the Pre was horrible, horrible hardware that was allowed to age almost 2 full years for Sprint users. By all accounts every problem from the Pre has been fixed all while that great OS that STILL made the Pre worth while has been improved as well.
Give me an Android Phone with HDMI out, 1080p video, 3D display, 4" display, SuperAMOLED screen, dual core 1.5 Ghz processors, 2 GB RAM, 32GB memory and mini-SD card.....and I'd take the Pre 3 in a heart beat over it. Why? Because it'd still have high end, if not top end, specs and a OS that trounced the other.
The advantage android and iOS have in my eyes isn't their specs, and definitely not their OS, but their app base. If HP is smart and capitalizes on their computer market to have every HP computer dual booting WebOS as an instant on option then the developers and apps will come as the OS becomes far more wide spread.
HP needs well made competitive hardware with their great OS and to then leverage that OS to make it appeal for Developers. The issue with the Pre was they didn't make it well made and they let the device age far far to long for original adopters.