Apologies if this might offend some

but what are the model equivalents of Canon to Nikon and can we draw direct parallels between the model range?
Was browsing a local store recently and discovered some interesting deals on the 550D, 50D and the 7D. Is that the equivalent of D5000 / D90 and D300s? If so then the 50D appears a better package, at least on specs and price? Is that true?
I love my Nikon and wouldn't trade it in but is it fair to say Canon's range is marginally cheaper at the lower end?
I think there is no direct equivalent model between Canon and Nikon apart from the flagship 1D(s)/D3(x)
for the models you listed above, it's roughly like this:
D5000 < 550D < D90 < 50D < 7D
Most of Canon's DSLR are very new (apart from the 50D, the other are all released this year) and the Nikon DSLR are near the end of their product cycle so if you look at just the "1 page spec table", Canon DLSR would look better than the similar Nikon at this moment
But Nikon is usually a lot better in area you can't see on the spec table. The low end Canon's feel very cheap/plastic and toyish compare to the Nikon, i mean even the 5D and 5D mk II feels quite plastic and a bit like a toy when you compare to the D700 side by side. And the low end Canon's missing a lot of features that is pretty much standard on almost all the nikons like the dedicated AF assist lamp, CLS commander (not available on D3000/5000), spot metering link to active AF point...etc. These are features you don't usually see or notice on the spec sheet but really helps when you use the camera.
Look at the recent Japanese sales figure, the Nikon is doing better than Canon even they have much older camera models. I guess it tells you something.
People always say,
Canon camera are built by engineers (they give you the best spec)
Nikon cameras are built by photographers (they look at areas that help the photographers the most)
Different design philosophy, different products
Thanks for the info, very insightful. I never doubted who makes the 'better' photographer's camera just found it quite interesting to see how their pricing works. Perhaps it's their way of (trying) being competitive, dunno.
On a side-step - I've been to a few WC games now and can honestly say I've seen many 'dark' lenses, compared to a near total 'white' domination no that very long ago. Or perhaps, that's just my imagination. Either way.