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Odds are that the next one is coming out in a few weeks, so best to wait for that (unless you're planning on exploiting some sort of price drop). It'll leave this one in the dust in terms of pretty much everything.
I'll be interested in what specs are announced for the new Nexus (and if there is more than one). The specs released for the rumored LG Nexus aren't really much better than the current Nexus (at least, IMHO) and, for the price, the current Nexus might still be the better buy.
Still, not a bad idea to wait and see what is announced and what the pricing is, and how that might effect pricing on the Galaxy Nexus. Of course, if he is buying the current Nexus for $.99, it isn't likely to drop much below that price. Especially as we don't know if the new Nexus will be available on Verizon or Sprint.
Except for the quad core processor that's more efficient than the S3 and which comes with a significantly more powerful GPU, the battery life that won't suck, and the build quality which will no doubt be a mile ahead..
And at above, you can't say the battery life is good. Barely 4 hours actual usage from 100% to 0, and with normal usage it hardly makes it through the day.
Honestly, the battery on this is terrible. I'm thinking the next one, with an LCD screen, more efficient components and the bigger battery ought to get at least 5 hours screen time, perhaps more.