The Hero is a great phone. It ticks pretty much all the boxes you've listed there - it's got GPS, it's running Android so it's perfect for geeks that like to tweak and play around, it's got plenty of great features, and, as it's running Android, more features can be added either for free, or very cheaply, from the Apps Market. And, lastly, it's not the iPhone. Win!
I should, in the interests of fairness, at least list the negatives of the Hero though- it's camera, whilst it is 5MP, has no flash, so images are often poor unless they're taken in the perfect lighting conditions. Video recording is also poor. But hey, who buys a phone for the camera?