First, I have no knowledge except what I read regards the GN fiasco. I do however have 27 years working as a corporate arbiter which gives me a little different perspective than some. I realize no one wants to believe the delays are related to corporate issues but consider this.
VZW and Google have been at odds for years over many things. They usually decide it is in their best mutual interessts and agree to disagree and make a public appearance with smiley faces. The net neutrality act is a recent example.
As it relates to the Nexus, recall the "release" being delayed due to respect for Steve Jobs? (Give me a break) Even at that point in October, all Verizon would say is they would release it at some point. There are other indicators that show the 9th was not the only "target date" missed such as the Best Buy ads.
Sure the easiest to accept is a bug as we all know a bug can be corrected so I
really hope it is just a software issue! But you also have to understand the mindset of Corporate entities. It is fairly obvious there has been a bone of contention between VZW and Google during this whole process over the Galaxy Nexus.
I have (as an intern many years back) been witness to many multi-billion dollar arbitrations as they happen. It is
not uncommon for side A and side B to come to an agreement in principle and have either side recant at the 11th hour over issues that are relative pennies. These penny issues have held up mega million dollar deals.
My only point (since I have been saying this for days) is you can't discount the Wallet issue. Recall what Google said about it? They said Verizon had "asked them not to include it". Did they specifically say they didn't anyway?
No because the needed hardware is indeed in the GN. And Google knows they are in a good position if VZW refuses to release the handset because of it. That would violate the so called C-Block rules the Federal Courts imposed during the whole Spectrum issue.
I want to be wrong very badly. I want a couple of these before Christmas for
me! 
But we can't ignore the fact that people are petty and no matter how large, coporate entities are made up of what? People.
If it is indeed "politics", Google has set themselves up to make out okay in this mess even in a worst case scenario for the users like us.
At some point though, VZW will have to decide to move ahead with the launch and fight any legalities in court. Or they could decide that their financial loss over the release of one handset is far less than giving in to something that sets a precedent for other developers.
Again, this is all speculation but is based on experience in dealing with corporate entities who ultimately act like 10 year old children when they think their right of self determination is being challenged.