My Final Assessment
So this phone is exactly like the other one.
It recognized my home network. Again, once I leave the network with my wi-fi toggle on, it began boot looping. Once I return to home, the boot looping stopped.
If I turn the wi-fi on away from home it will begin boot looping until I return to a remembered network.
I tried this with the Google location services off like mentioned above, but it does not matter.
My final assessment after two days and 2 phones, is that it is a software glitch with the remembered access points backed up to your Google account.
I believe it's possible that so many people haven't recognized it yet because Google backs up your remembered networks, and most people only use their wi-fi in those same areas they were using before getting the Nexus.
I could be completely wrong. It could be a hardware glitch, in which case, getting two phones from the same batch at Costco didn't change anything for me.
In which case, those of you that are getting replacements directly from Verizon (Depth Afield, Poop Monster, Cooper0101) could verify if a different phone really fixes it and it's a bad hardware batch. I'm in Northern Virginia/DC area, if it helps associate the batch shipments.
With that said, if William T Riker or others could test this out on other wi-fi networks, it would be greatly helpful. I noticed that William said he's been using the wi-fi on and off at home, but if his home was a remembered access point, then the issue wouldn't show up.
I hope we can get more people on here to test this based on what I've noticed in the last couple of days. Seems like we're close to isolating the issue.