After a deep study of similar products such as Sony Xperia X10, Nokia N8, Samsung Wave, HTC HD mini, and HTC Desire (and even the upcoming Xperia Arc and Play), I decided to buy this one b/c of its build quality, price, and specs. The HTC phones all have the HTC sense UI which is the best in the market (youtube it if you want to know more). Also, the unibody aluminum case makes it very strong and beautiful. Best of all, it has an optical mouse that's non-existence on other similar phones. After buying the phone, I decided to root the phone and upgraded it to Froyo 2.2 (a mod based on HTC's official release, not cyanogenmod). The phone plays games exceptionally well. If it doesn't play, it's the software and its developer's fault (e.g. EA sucks!). I learned it the hard way for getting NFS shift to play on this device. Overall, this is a strong, small, and very powerful phone that I would recommend to anyone who's looking to buy a phone of this class. Two words, BUY IT!
PS: The AMOLED screen is beautiful, but I kept the brightness low to save battery most of the time. The 600 MHz CPU is actually quite powerful and energy efficient and it has a great GPU on this unit. The battery life is great. With WIFI off and proper SETCPU config to under-clock CPU when the screen is off, this phone can last 3+ days without recharge. I usually keep the WIFI to "always on" and use it to call and receive SKYPE calls to save phone bill, you should do it too if you're usually under WIFI coverage.
3/28/12 Note (For those of you trying to flash the ROM to Cyanogenmod 7 or else):
With Cyanogenmod 7, SIM no contact list issue is SIM dependent (resolved via replacing the SIM card itself).