I've used both and am a stickler for the physical keyboard. I'm perfectly functional using the virtual keyboard but prefer the real keyboardof the 9700.

Previous to the 9700 I had a 9000 and thought it was the best smartphone on the market (for me at least) and with the release of the 9700 it has taken the place of the 9000. I get about a day of battery life; however I keep my phone on 3G + wifi all the time. That said, I've invested in several desktop cradles and keep one wherever I spend an extended period of time to keep the device fully charged ... and it serves as a desk clock for me. Best $12 investment I've made for each of these.

I'm happy with the multimedia functionality (I can view the occasional youtube video).

I use my device primarily for email/phone/chat ... IMO, it does this better than any other device ... which is why I've stuck with it.

If you really want an iPhone type experience, get an iPod touch to do multimedia / games and keep the BB for everything else.