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I will be getting my Nexis one soon.
What adivce would you give in terms of when first first turning the phone on? Whats should i lookout for? What tasks should i perform first?
Glad you're on the Nexus bandwagon!!! 



Don't turn it on, charge it till the light is green.
Just because google said to in the little quick start sheet they provided with the phone.Why would you say that? The battery is partially charged already.
Really? I think my google maps updated itself.Replace Google Maps, Goggles and Voice with the equivalent apps from the market.
You won't get update notifications from the market if you stick with the stock apps.
You may also want to install an app like wavesecure or mobile defense, which lets you track, remote wipe and remote lock your phone online in case you misplace it.
Just because google said to in the little quick start sheet they provided with the phone.
Really? I think my google maps updated itself.
Good note on the tracking app. I'll have to look into them. Are they battery drainers?