In a theoretical world you might in principle be able to do more with Android, but given the "iOS First" approach that major developers take, it's hard to argue that it lets regular users "do more" in the real world.
Here's what I can do in Android that I can't do in iOS:
* develop an app on my own machine - you can't develop iOS on anything but AAPL hardware, android dev can be done on the big 3.
* without having to pay anything - how much does dev license in iOS cost? don't need to pay for android SDK and tools
* without having to jump through any loops to distribute it - I can just pack up the .apk and email it to you, provide a dropbox public link (when I used to use k9mail, I got my updates at http://code.google.com/p/k9mail/downloads/list rather than the android app store), or put it up in my own app store for it (look at amazon app store, or http://f-droid.org/, or that adult themed one that came out some time ago).
I've had my first Android for the better part of a year now (after two years with an iPhone 3G) and I have to agree with you. I was pretty excited to get into the "open" ecosystem but my ATT-locked Atrix is really not taking advantage of Android's supposed strengths. I'd probably like it more if I were developing mobile apps.
Right now the only thing I'd really miss if I went back to an iPhone is the navigation. The GMail integration is pretty sweet on the Android too, but maybe that's improved on iOS since I jumped ship last year.
