So, I just returned my Nexus for Razr. Pros of each phone were:
Nexus
-720p, 4.65in. screen
-ICS
-Removable battery
Razr
-Lightweight and thinner with more "premium" feel
-Louder speaker
-Better signal (Well, I didn't test this out myself yet, but that seemed to be the general consensus in most reviews and forum posts)
-(Also, Razr does have removable microSD, but that honestly didn't matter much as 32GB was already plenty enough for my use)
My thought process before making this exchange were:
-I am not a heavy phone user by any means and do not need an extended battery. Razr's battery will most likely last until I can get my next upgrade. I dislike how pretty much all heavy-duty extended batteries make the phones substantially fatter.
-While my GN's data signal had been decent for the past 1.5 week or so (it was having problems during the first week, but that may have been due to Verizon's network problems), I was yet again having problems connecting to internet (with only 3G on) for the past couple of days.
-I used Volume+ for my GN, and while it did seem to work, I could hear little distortions and rattling at high volumes, which was annoying. I think I am a bit more sensitive to sounds than many people though.
-I don't mind Motorola's custom UI on Gingerbread and it actually seemed like a good improvement over the stock GB. ICS was nice, but my opinion on it after about 3 weeks of use wasn't quite "I gotta have this RIGHT NOW".
-I really did not like how GN's plastic back cover looked and felt. I know that it's actually very practical and quite durable, but sometimes your perception just doesn't agree with practicality.

This is entirely personal preference.
-I have small hands, but for some reason, Razr was a little bit easier to handle one-handed despite being 1mm wider. It may have to do with its weight and height being a bit less. It also felt less like it was going to slip out of my hand. [EDIT: looks like the above post also mentioned this. Nexus is one slippery phone, haha]
-GN has bigger and better screen on paper, but it was honestly hard to tell the difference at all on those 4-5 inch screens. Maybe I have bad eyes.
Overall, both are very nice phones and I don't think you could go wrong with either, at least for a casual phone user like me. I think a lot of it comes down to your own preferences.