A friend has the nexus; I have the razr and we had this conversation. For him he can't live without the ability to install custom roms and he loves the 'free' tethering (he has an old unlimited plan). 4G for him is also wicked fast (we tested them side by side and I saw around 10Mb/s while he saw a bit over 20Mb/s).
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However he dislike that it often looses 4g for no reason (beyond verizon wireless outage) and the speaker is very soft.
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I'm not really into custom roms per sey though I would like to dump some of the verizon crap (like a backup manager that can't be turned off). And I wouldn't mind a removable battery.
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Then again it is nice having a speaker loud enough to actually use the phone as a speaker phone when I'm cooking.
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Its hard to comment on battery life because his battery life is very good when the signal is solid but when it is searching for a signal his battery life goes down the drain.
I've had a GN for about a month and my wife just got a Razr yesterday.
I can assure you that a couple of side by side speedtests are NOT an accurate measure. I did one where the Razr wall pulling almost 21mbps and the GN 11. Then another where the GN was a touch higher, then another about even, then another where the GN was a touch higher.
Can't comment on Razr battery or 3g/4g handoffs or data connections as she just got it yesterday.
Signal strength "APPEARED" better on the Razr (4 bars vs 2), but checking the dbm, the razr was reporting -87 and the GN -90, so pretty similar.
Build of the Razr is solid, like you'd expect from Moto. GN is pretty plasticy but that's doesn't bother me. Razr is noticeably thinner and lighter than the GN. Also, all the ports are on the top of the Razr vs the bottom of the GN - if that matters. I usually keep my GN top down in my pocket so having the headphone jack at the bottom works for me.... but when I want to plug it in to charge or into the audio jack in my car I don't like that the phone has to be upside down but I can live with that.
What bothers me is the bloatware on the Razr. My god. There must me 30 apps on that phone from verizon and moto, and some of the verizon crap (backup assistant - I'm looking at you!) can't be removed without rooting. I am so thankful I finally got a Nexus device.
The Moto UI I don't really like either, and I felt like it was a challenge to move shortcuts around the screen - in particular from one screen to another. Seemed very jumpy. If it was my phone, I'd root it and get rid of it. At a minimum I'd install a replacement launcher with a central apps button and 4 shortcuts. I hate the stock moto launcher with only 3 app slots and the app tray button all the way to the right.
Its too early, and not my phone anyway, to review the Razr, but for me, having ICS NOW was big. No bloatware (though some people complain that VZ put 2 apps on there both which can be disabled (backup assistant and my verizon - which is actually useful IMO). No Moto skin / UI. And a direct, rapid, update path from Google. All these make the GN the phone for me.
However, the GN has its flaws - battery life isn't great as there appear to be some issues - but I think they are software and can be resolved by google. Speaker volume is VERY low, but "there's an app for that". Volume+ takes care of that problem.