First let's look at the screen. The Lumia 920 has a 4.5 inch screen (1280 x 768 resolution) while the iPhone 5 has a 4 inch widescreen Multi-Touch Retina display. While the half inch difference doesn't seem like much, the Lumia 920 could come in handy when handling some more complex multi-media tasks.
What about the processor? The Lumia 920 operates on Windows Phone 8 and boasts a 1.5 GHz dual-core Qualcomm Snapdragon S4 chip. The iPhone 5 runs on iOS and has a 1.2 GHz dual-core processor under the hood.
Another reason why the Lumia 920 is underrated. It has a more efficient processor than the iPhone 5!
The Nokia Lumia 920 has a 8.7 megapixel rear facing camera and uses optical instead of electronic stabilization. Again the Lumia 920 wins again beating out the iPhone 5's 8 megapixel camera [that supports LED flash, auto focus, and HD video recording].
Just face it the Nokia Lumia 920 is an excellent phone on paper. Sure it's all about the user experience. But when it comes to specs and features the Nokia Lumia stands toe to toe with industry leading smartphones like the Apple iPhone 5.