There really is no winner when it comes to AMOLED vs IPS LCD, but it's still helpful to know what each technology involves. The quality of a screen primarily comes down to how a manufacturer applies its chosen standard, and a lot of potential problems on both sides – from battery drain to washed-out blacks – can be minimized with a high-quality production process.
Many of the issues and disadvantages we've talked about are being dealt with by Samsung, Apple and the other major players, as each one tweaks the displays in their handsets and the technology lying underneath. For that reason keep reading the reviews as they come out to see how AMOLED and IPS LCD fare in the years to come.
Ultimately, you should focus on the strengths of each technology when choosing – that's bright colors and deep blacks for AMOLED, and natural colors and sharpness for IPS LCD. It would be nice to have one technology that does everything perfectly, of course, but we're not quite there yet.