How does the new Google Pixel phone compare with iPhone 7? Is it worth a switch from iPhone to Pixel?

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Some features that make Pixel desirable over iPhone are

Cloud Storage - Google offers unlimited storage of photos/videos at original quality whereas iPhone limits to 5 GB.
VR - Pixel is made with VR in mind and the new VR headset would help many since Google claims it will be comfortable for users with glasses as well; so far no other VR can be worn comfortable with glasses. It’s also specified to be light weight and can be taken along during travels. The controller provided along with the gadget is known to aid in use of the gadget rather than the difficult controls in other VR gadgets. This is just the beginning of VR and we can expect more exciting things to come out of it.

Camera - DxOMark has rated the Pixel camera as the best in smartphone till date and that is something that no Nexus/Google phone has achieved so far. It’s certainly a big achievement for the Pixel and it’s not surprising that Google puts it in the promos left, right and center.

Google Assistant - Google Assistant is baked in to the OS and GSMarena has claimed it’s far better than Siri, Cortana, etc.

Battery - Battery is bigger than the iPhone but needs to be seen if it translates to better battery life.
Screen Size - This one is obvious but nevertheless this could be desirable for few. The Pixel is at 5 inches while iPhone 7 is at 4.7 inches. The Pixel XL and iPhone 7 Plus screen sizes match each other.
Project Fi - No frills phone network from Google itself. The plan starts at $20 a month for unlimited text and calls and $10 for each GB of data. The cool feature is data cost is refunded as a billing credit if you don’t use up the data. This is good for people who don’t use much data.

Headphone jack - Google did make sure to mention the headphone jack as well in the promos. You know why. :-)
Fast Charging - Pixel can run for 7 hours after 15 minutes of charge that will take the phone from 0% to 70%

iPhone might be desirable over Pixel due to below mentioned
3D Touch - Introduced in iPhone 6s series this hasn't taken off as well as expected but this could be an inconvenience if you are switching from iPhone 6s.
Water Resistance - iPhone 7 series have water resistance capabilities but Pixel doesn’t. Pixel was rumored to have it but.
Edit: Pixel does have water and dust resistance and has IP53 certification; not the same as iPhone or a Samsung though.

OS Updates - Its a known fact that iPhones are supported even 4 to 5 years after release while Google supports Nexus phones only for 2 years after release. There hasn't been any news so far on how long the Pixel phones would be supported.
Smooth operation - Nexus phones have been beaten by iPhones in smooth operation; it needs to be seen if Pixel will one up iPhones in this regard. Given that the phone is entirely doctored by Google I wouldn’t be surprised if Pixel wins it at last.
Dual Camera - iPhone 7 Plus offers dual rear camera and has some cool tricks up its sleeve.