There are at least two versions floating around (possibly early testers and recent Googler distribution) as there are differences in the HTC branding and button order between some of the shots I've seen and the one I played with Saturday night. Can't know for sure what they have in common, but I'd say you're probably safe with your no keyboard, with camera flash, very fast processor, beautiful screen, similar to Droid in functionality, but at least some OS differences (2.1.1?), miles above the G1 build quality, and trackball assumptions.
Wish I went to the specs screen with the few moments I had it, but didn't. Overall (including shots of the Droid), the first time I felt the iPhone had real competition... if its apps catch up. That's something I'm not exactly optimistic for in the near future (this list isn't encouraging). Then again, if you're anything like me, Google apps account for a good chunk of the use of the "phone" and in most cases better implemented here.
Anyway, we've got Googler members here. Perhaps when the phones are fully distributed we'll get more detailed feedback. This along with likely Android tablets, and even possibly an Apple one, announced at CES in a few weeks, makes this an interesting time.