I think you should go with the LG Viewty. Its touchscreen like the iPhone, has a better camera than the N95 and the iPhone and can record 640x398 (WS res or whatever the correct res is) and it can record it at 120fps so you can do effects like slo-mo.
It also has some other great features that wipe the N95 off the floor and also the iPhone. However the iPhone's interface is brilliant but you can't add anymore themes to the Viewty. ... however.... ku990.co.uk are working on hacking the phone. Were nearly there so we should be able to get the iPhones interface on the Viewty pretty soon as everything is done in flash.
Also did i mention the viewty can play back divx movies? It says its limited to a 2gb mem card but you can put any size over 2gb in you want, its just that the camera won't recognise it. Go to ku990.co.uk for more info on the viewty and some "hacking" details lol.
If you don't want the viewty then its up to you. The N95 is a camera phone, the iPhone is a MP3 phone. Which do you want?