iPhone 5 - 16/32/64GB internal memory, non-expandable
Nokia Lumia 920 -32GB internal memory, non-expandable
The Nokia Lumia 920 packs a sensible high-end amount of internal memory - 32GB. It's enough to give the phone the Samsung Galaxy S3-battling premium vibe without incurring the extra cost a 64GB store would incur.
The price for a decent amount of storage is a costly one, though. There's no microSD card slot, so you'll have to make do with the internal memory and Skydrive cloud storage (7GB included) - that's Microsoft's own cloud service. We can't be too hard on Nokia for this decision, as fitting a microSD slot into the beautiful unibody shell without making it prone to getting clogged up with dust, or ruining the look entirely, would be tricky.
Apple's iPhone 5 isn't much different. Storage options match those current on offer in the iPhone 4S - 16GB, 32GB and 64GB, and there's not even a teeny tiny chance that the phone will include a memory card slot. As far as we can push our fingers together is still too wide to express how small a chance there is.
Some of you may be disappointed that there's no 128GB model, but such a device would be so ludicrously expensive that the mere idea of it makes us want to cry.
iPhone 5 - new 9-pin socket, Wi-Fi Direct
Nokia Lumia 920 - microUSB, NFC
Apple has thrown out the 30-pin socket with its introduction of the iPhone 5. In its place you'll see a smaller, sleeker 8-pin jack that looks much like a microUSB socket. This'll handle everything the old jack used to cover - charging, data transfer and the plugging-in of any other accessories such as Camera Connection Kits, HDMI Video Output cables and so on.
The Nokia Lumia 920 uses the good 'ole standard microUSB socket, which has been the industry standard in the smartphone world for a few years now. However, it's likely that - just like the iPhone - you'll need to use specific software to transfer things like music tracks and photos to and from the phone.
With an iPhone, it's iTunes, with a Nokia Lumia 920 it'll be the Zune software we had to put up with in previous Windows phones. However, we're not 100 per cent sure about this, so we'll confirm this once we are.
One potentially startling surprise is that the iPhone 5 does not feature NFC, which is becoming a standard in high-end phones of other platforms. NFC is a short-throw wireless communication standard that will let you buy things with a phone - such as a cup of coffee. The Nokia Lumia 920 has it, but its non-show in the iPhone 5 will slow down the spread of NFC across the high street markedly.
iPhone 5 - 8MP, LED flash
Nokia Lumia 920 - "PureView" optics, 8.7MP, LED flash
We had very high hopes for the Nokia Lumia 920 PureView camera, after seeing what the 41-megapixel Nokia 808 PureView was capable of earlier this year. We're therefore a bit disappointed to hear that the phone "only" has an 8.7-megapixel camera.
How can Nokia still claim it's a PureView snapper when it otherwise sounds so ordinary? It says that PureView is all about clever use of the pixels that a camera does have, rather than just packing in millions and millions of the things. We're expecting tonnes of clever processing to be going on behind the scenes, but we'll have to wait to get hold of a Nokia Lumia 920 first-hand to see whether it's really capable of amazing results.
Like many previous Nokia phones, the Lumia 920 uses Carl Zeiss optics. Nokia says it has a "floating lens" that helps it take in five times more light than other phones, and all without using a flash. Generally speaking, the more light a sensor can harvest, the better its pictures are likely to be. There is a flash on-hand too, though - an LED jobbie.
The iPhone 5 features core specs that are almost identical to those of the iPhone 4S. There's an 8-megapixel sensor and an LED flash. Doesn't sound too impressive, does it? Don't rule out the iPhone 5 yet, though, as it features a redesigned crystal sapphire lens cover and a new five-element lens system.
In all honesty, we don't think it'll do anything quite as special as the low-light busting Nokia Lumia 920, but it will almost undoubtedly be one of the very best camera phones on the market.
iPhone 5 - 1440mAh
Nokia Lumia 920 - 2000mAh, wireless
Apple's iPhone 5 battery will make use of the space that's available to it - it'll be thinner than the iPhone 4S battery but significantly longer. Just like the phone itself, then.
However, capacity will remain largely the same - 1440mAh instead of the current 1430mAh iPhone 4S unit. Are we disappointed? It all depends on performance. Although it gets a pasting from some users, the current iPhone is one of the longest-lasting smartphones on the market.
Apple says that the phone will last for eight hours of talk time, 10 hours of browsing over Wi-Fi or 40 hours of music playback.
The Nokia Lumia 920, though, has a significantly larger battery - probably because there's a larger area to work with thanks to the large 4.5in screen. At 2,000mAh, it's one of the largest smartphone batteries out there. This sort of capacity has been boasted about by Android phone developers, but as we expect Windows Phone 8 to be more power-efficient than Android, it could provide very impressive stamina.
One of the neatest bits of the Nokia Lumia 920's feature line-up is that it supports wireless charging using a compatible wireless induction accessory. At the phone's launch, Nokia showed-off a JBL speaker that not only charges wirelessly, but syncs wirelessly too over NFC. In a word - want.
The Nokia Lumia 920 marks an important step forward for the series. Unleashed from the restraints of Windows Phone 7, the series finally looks like it can compete like-for-like with the latest Android and iPhone phones. Wireless charging is something we are raring to try out too.
However, some parts of the phone that we thought could trample the iPhone 5 may come up short. The memory is non-expandable, and after the 41-megapixel sensor of the Nokia 808 PureView, the phone's 8.7-megapixel sensor sounds disappointingly ordinary. We can say one thing for certain, though - it looks and feels a lot more colourful and friendly than the iPhone 5, in its brighter finishes.
Check out our iPhone 5 vs Samsung Galaxy S3 head to head
iPhone 5 vs Nokia Lumia 920 - Storage, cameras, battery and verdict