Can someone please tell me if the new Salesforce 1 product is a replacement for Touch as a mobile app. Specifically, 'OUT OF THE BOX', without any configuration. Also curious if the Android version of SF1 is the same, or more limited than the IPAD version. I would appreciate any and all the insight I can get.
Bruce, please read through the release notes for Mobile. Salesforce1 now subsumes Touch. see link here
...Salesforce Touch is upgrading to the new Salesforce1 experience. The new app gives you the same Salesforce Touch features you’ve come to expect, in an updated interface that makes it easy for users to find what they need and get their work done faster. On top of that, Salesforce1 gives you more, with many new enhancements...
Also, re. Android is the same as for iPhone, see here
Based on some of the sessions I attended at Dreamforce, Salesforce 1 is the replacement for Touch. Salesforce 1 is a merger of Chatter and Touch. Eventually Touch will reach it's end of life and no longer be supported. As for Android, the Salesforce.com Mobile team focused first on the iOS version of the app, and then the Android version. I don't have an Android device so I don't know how close they really are feature for feature. They did state that both will have the same capabilities. You can checkout http://www.salesforce.com/mobile/sell/ as a starting point.
Salesforce 1 is combines both Salesforce Chatter and Touch into a unified mobile experience with some additional goodies.
If you've upgraded on an android device and you're still seeing the old chatter icon it's likely you're running on a slightly old version of the android OS. Salesforce 1 requires at least v4.2 (Jelly Bean).
I had a colleague who downloaded Salesforce 1 and noticed it had the old Chatter icon. After manually upgrading his android os (as his mobile provider hadn't pushed the update yet) he got the full featured Salesforce 1 experience.