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We go straight to the point and compare the features of the iPhone 4 and the HTC EVO 4G. This comparison is based on how both phones are being marketed by their respective companies.
The HTC EVO 4G's major features include the following - 4G speed, HDMI Out, Android 2.1, Dual camera and Mobile Hotspots. While the iPhone 4's major features include - Facetime, Retina Display, Multitasking, HD Video Recording and Editing, and 5 Megapixel Camera with LED Flash.
If you will take a closer look at these major features you can't really decide which one has the better specs. Both smartphones are capable of streaming HD video as well as recording HD video using their cameras. The HTC EVO 4G and the iPhone 4 can record up to 720p HD video. However, the HTC EVO 4G has a built-in port HDMI output which makes it easier to display HD video to your HDTV. For the iPhone 4, you will have to use those Apple HDMI adapters to effectively display video in its true-HD quality.

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Both iPhone 4 and HTC EVO 4G are equipped with dual cameras with one front-facing for video calls and video conferencing. What will set these two phones apart in this aspect is the carrier support for these type of calls. But once again, the HTC EVO 4G has one upped the iPhone 4 in terms of camera power. The HTC EVO 4G is equipped with an 8-megapixel main camera while the iPhone 4 only has a 5-megapixel camera.
One feature which the iPhone 4 has edge over the HTC EVO 4G is video editing without needing to download the video to a computer. Through the iMovie app for iPhone 4, you can instantly edit a video you have recorded and share it as soon as you finish editing. But then, I'm pretty sure an Android app will come out on the Android Market which will give the same feature to the HTC EVO 4G.
The remaining feature, multi-tasking is moot and academic to discuss anymore. Multi-tasking has been a part of most Android phones, thanks to the Android's capability for this. For the iPhone, this is a big feature simply because it has been wanted by iPhone users since the first generation iPhone. The lack of multi-tasking has long been one of the major criticisms of the iPhone. So, finally Apple is delivering with the iPhone 4.
So, in terms of their major features, which of these smartphones is better? Clearly, the HTC EVO 4G is more powerful than the iPhone 4.