I'm fairly sure the new OLED displays from Samsung can produce extremely accurate colors. I don't remember exactly where I read so, perhaps AnandTech, but I bel

I'm fairly sure the new OLED displays from Samsung can produce extremely accurate colors. I don't remember exactly where I read so, perhaps AnandTech, but I believe the Samsung displays were considered some of the most accurate smartphone displays prior to the new iPhones. I should note that for some reason it seems like most smartphone manufacturers, basically everyone aside from Apple, way oversaturate their displays, this is especially true in the case of Samsung. Even the Nexus 6P display looked horrendous to me out of the box. Fortunately there is a setting in the developer options to enable sRGB mode which makes a huge difference. Regarding power consumption, I think OLED mostly loses out on efficiency when generating white backgrounds, but I'm not sure how much of a battery hit this causes in normal use scenarios. As to what's so great about OLED, for me, as someone who frequently uses their phone in relatively low light situations, I absolutely love the deep blacks and the fact that when I have the phone on low brightness using a dark theme it barely produces any ambient light. On that note, Google seriously needs to introduce a system wide dark theme. I don't have an iPhone but I'm really interested to see if/when Apple adopts OLED whether they redesign iOS to take advantage of it. I know many people dislike the bright white UI of iOS and Android.