For those saying the camera is worse than the SII or hearing that it is...what is the basis for this claim? I have not heard this at all and while the camera isn't a deal breaker for me, it is an important feature. I'm paying for the camera whether I want it or not. How good this camera is depends on whether or not I use it. So for every smart phone I buy, I am paying for a camera that I will or won't use. All of them have it now, so I can't just say that I don't want a camera on it because it's crappy.
The camera on the Nexus, from what I have seen, is very good for a phone. The aperture is wide enough to take decent low light (indoor) shots and that is the biggest feature of a camera. When you start getting into cameras that don't have wider apertures, then they raise the sensitivity (introduce more noise) and increase the amount of time the shutter is open (introducing higher chance for blur). The Nexus, from what I have heard, has an f/2.7 aperture. Compare that to several lenses I own that cost thousands of dollars for my dSLR, most are f/2.8, so the lens on the Nexus has a pretty decent aperture. The Rezound has an f/2.2, and I can tell you from in-store experience, it takes good low light shots. I took several in the store and they all turned out really well, to top it off, it was at night and the lighting in the store was pretty dim.