ChangeWave's recent Smart Phone Wars report showed a rapidly evolving two-horse race between the Apple (AAPL) iPhone and Research In Motion's (RIMM) BlackBerry–with second-tier players like Palm (PALM) and a host of others being shoved to the sidelines.

To follow up, we took a closer look at the features users love and hate about their iPhones and BlackBerrys as part of our March 2008 survey of 864 smart phone owners.

If you recall, our previous report showed consumer satisfaction levels were sky high for the two smart phone frontrunners - with Apple boasting a 79% Very Satisfied rating for its iPhone models and RIM garnering a highly respectable 54% rating for the BlackBerry.

But what is it about these two brands that have consumers so very satisfied?

First, we asked RIM BlackBerry owners. By an overwhelming margin, they told us the feature they liked most is the BlackBerry's exceptional access to email (56%).

No other feature comes even close in terms of popularity. As respondent MBR29407 explains, "The email integration of the BlackBerry 8800 is probably its single best feature, but I am constantly amazed at the quality of the phone itself." NEW06507 adds "I like the seamless way my BlackBerry works with corporate email, and the way you can call a number from within an email by highlighting it."

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BlackBerry owners also reported a few key dislikes, number-one being ...