I'm currently looking into developing for Andriod/iPhone myself, the one major benefit I can see with Android is that you can develop on Windows and don't have to buy a Mac or run OS X on a VM to do it unlike with the iPhone.
Also with Android you only have to pay $25 (just the once I think too) to get your applications onto the marketplace.
Yes, you can spend $399 on a dev version of the G1 but there's a pretty good emulator too.
Quite rightly, code is code at the end of the day, but you also have to factor in development costs. Android is significantly cheaper, however there's a smaller user abse in comparison to iPhone users.
Think who you want to cater for with your app.
As far as real world experience goes, I can't say I've touched the iPhone SDk on the basis you have to pay for it before you can even glance at it where as Android is free and I'm playing about with it at the moment. It's not too difficult and reasonably easy to use.