COMAND is a lot more than just sat nav. And even if you have all the separate systems that make up COMAND, such as sat nav, phone, audio system, tv, etc, as separate systems they do not equate to the total of COMAND.
The key word is "integrated": COMAND integrates all these functions and their management, dependencies, operational controls and presentations on the various displays into a single system deeply integrated with the rest of the car (including integration with linguatronic for example).
The speed sensitive volume control, auto mute of other sources when making/receiving calls or getting sat-nav directions, the ability to set individual volume levels for different sources and to specify volume differential for the sat nav directions over other audio sources, etc, etc, al make COMAND a truly integrated experience.
When I am driving with the sat nav on, I have the map on the big screen, and the direction symbols in the cluster display so that I don't need to take my eyes of the road. Similarly, when you're making a handsfree call, you get the visual feedback in the cluster - same for all the other systems. They can also all be operated through the same linguatronic interface. This working together of the cluster display, linguatronic and the main COMAND unit is the type of integrated experience you would not get with separate systems to the same extent.
And then there is the fact that COMAND is properly integrated into the console, not a series of add ons all looking, feeling, behaving differently, but stylistically part of the car.
IMHO my "older" COMAND generation to me works better in that respect compared to more recent versions. This is not just a matter of style though.
Things like portable sat navs are what makes thieves smash your window to nick them. With an integrated system such as COMAND in my car, that problem is a lot less (and you don't need the portable sat nav actually in your car to fall victim to that, the tell tale suction marks on the windscreen or dash are often enough).
Of course, each to their own, but to me COMAND is a lot more than a conglomerate of individual devices/services and I would not buy a Merc without it any more.