I too am a bit sad, but also worried about the Nexus lol. I'm sad that it won't be coming to Verizon anytime soon, and worried because now us Droid users will have an Android phone on the market that is arguably better on paper. Albeit, Tmo and AT&T are slouches when compared to VZ, but they are still two major players. Not to mention the phone will be released to both at the same exact time, which shows that this phone will be significant to the Android platform.
You said early reports are saying the new Motorola phone was supposed to essentially be the little brother to the Droid, but what is it rumored to be now? With an 8MP camera it sounds like they are trying to ramp up for the next release rather than underscore. It will be interesting to see what happens for sure in the next 3 to 4 months with Verizon and especially with Apple's Spring iphone release.