Motorola Droid is the CDMA version, stock Android ("With Google"), unlocked bootloader, heaps and heaps of development, 550MHz OMAP3430.

Motorola Milestone is the GSM version, stock Android ("With Google"), locked bootloader, plenty of development, 600MHz OMAP3430.

I've got the Milestone and its a pretty solid device, once you customize it (with the new 2.2.1 kernel) it performs admirably. Slap on the GameGripper and a psx/n64 iso and you can ditch your PSP or DSi at home. The keyboard buttons are quite flat/hard to feel, though.