iPhone 5 is actually one of the cheapest tech-ey products I've ever bought...only £79!

The American version has a 2 core LTE chip, the European version has a 4 core HSPA+ chip. Samsung does not have a 4core SoC with LTE, so they used a 1.5 GHz MSM8960 Dual Core Krait made by Qualcomm that has LTE connectivity on it.

I wouldn't say it's more powerful. ARM has different types of licenses, you can use their logic blocks without modification, as some companies like nVidia do using untouched A9s, and you have licenses of the instruction set, and you can do your own core. Krait is a qualcomm core that is wider and out of order, so in some types of work, a dual core Krait is faster than a quad core A9, and in some works, a quad core A9 is faster than a dual core Krait. I would say that a dual core Krait or the A6 made by apple is faster than the quad core used in the European Galaxy 3, as smartphones software isn't as optimized as desktop software to use multi core architectures, and most desktop software can't use more than two cores.

iPhone 5 and PS vita may have similar power but neither of them will use their full power in games. But at least the PS vita does not get hot and crash the game after half an hour (my ipod touch does that with gta 3!)

1.4 GHz quad-core ARM Cortex-A9 vs 1.5 GHz dual-core Qualcomm Krait

The performance is almost the same if I'm not wrong.

Its a price that practically everyone who has a cellphone has to pay.

Well if they wanted it to be cheaper then they should've. 

We aren't talking about what a countries might not have contracts, many do if they have  a phone service, though.

Besides, I don't think SuperChunk was really focusing on price in the fist place.

Actually, it appears the iPhone 5 just Geekbenched slightly higher than the four core Galaxy SIII. The amazing part is that it did it with a 1ghz dual core processor which is surely more power efficient than the SIII's chip. 

http://www.macrumors.com/2012/09/16/iphone-5-benchmarks-appear-in-geekbench-showing-dual-core-1ghz-a6-cpu/

The Android uses a lot of resource just to run the OS... so there are less free resource to others programs or benchs.

But the Vita actually has proper games and dedicated software support. Instead of 99c phone games.
Plus the Vita is way cheaper.

I agree with Kynes, iPhone CPU/GPU combo puts it at the top of the super smartphone list.