this is a personal opinion.
Both devices are actually very good. BUT, the N95 does a lot of things but doesn't do them all very well. Take these comparisons:
Browser:
N95 is good but without the touch screen, its just not as fluid with the small scroll mouse moving left to right with the directional keypad
Iphone Safari is HEAVEN! wow... it is very very smooth and the interface works so well, try one and you will know what I am talking about
Camera:
N95 hands down! The best in its class as of now...
Iphone hohum no big deal but not bad. (besides, do we really need a camera

)
Text Use:
N95/Nokia wins this hands down!
Iphone needs some work on this. but the conversation mode is a great bonus and simplicity. Its just that the text input is tricky.
Calls:
Both are very even here.
Music/Video player:
N95 is actually pretty good at this but the interface needs work... Nokia hasn't learned to smoothen transitions as well as apple
Iphone is the BEST Ipod ever made. Screen is beautiful for videos and MP3 interface with coverflow is so much better than the old interface(which was still very good)
Wifi - Both works very well
Youtube - Again, both work well
Programs: Nokia wins because its been around longer but check the web, Iphone has a growing number of freeware programs. And yes, MOST are FREE.
Overall, an N95 user would probably not think highly of the iphone and same for a iphone user, but a user who has used both can appreciate both! Iphone pricing is not bad. 25k for aftermarket openline is not bad. it will stay this high till way into next year. Nokia phones depreciate like crazy...
Battery seems to be even for both, NOT GREAT... sadly.