Some points to consider... The Atari Falcon has since its release been upgraded with a better OS; you can now run MiNT, which is multitasking and backwards compatible with TOS. It might not be Amiga OS, but it's not as bad as some of you make it out to be.
As for the graphics, they aren't necessarily "better" just because it has 16 bit colors. It's more colorful, and that's all. Whether that is better or not depends on how you apply it.
When it comes to sound, I think we can all agree that Paula has nothing on it and its DSP.