So i thought i would weigh in on this discussion being as I have both in my possession right now:
Heres some of my back story - I bought my first android and it was the Droid 1. Ive owned a HTC Thunderbolt, and a Incredible, and now have the Galaxy Nexus for me and the RAZR for my wife. I also owned a Samsung Omnia (winmo) prior.
Here are my thoughts about both phones and why I would recommend both phones with a slight edge to the RAZR.
Build Quality - I love motorola build. They are strong, well built phones that will stand the test of time. No cheap-o plastic here at all. Its thin, and a little odd to hold, but it never feels cheaply built, or that it is a childs toy. The Galaxy Nexus on the other hand is plastic. No 2 ways around it, you know it, you feel it. That said, it doesnt feel cheap at all, it is firm and no creeks or other defects (unlike my Tbolt). I do tend to hold my Nexus a little firmer, it just doesnt give that confident feel the RAZR does.
Software - Theres really no comparison here, but there are some good notes. ICS is by far the best starting point for a version of Android to date. Yes it has its issues, but so did 2.3.1 and thats why there were .7 versions. Its stable, fast, and very easy to use. I now find myself using little to no 3rd party apps to replace standard functions supported by the OS. I no longer use ADW launcher, GO SMS/Handcent, K-9, IM+, Widget Locker, GO Contacts (ICS contacts are great), GO Dialer (cm9 T9 is a must have)... Google looked to those apps and integrated a great portion of those apps into ICS and its awesome.
Moto-dont-call-me-BLUR is the best so far. I compared my parents DX and DX2 and it is way better. Motocast is great and easy to use, although i found it annoying to sync. Smart Actions will double your battery life. The RAZR has a bug where it will be on LTE and WiFi simultaniously. That will MURDER battery life. Despite the software being the best yet, it also slows down the phone and my wife commonly remarks that my nexus is way faster on normal use. Sad to say, because on paper the RAZR is a more powerful phone (i know its a diff processor, but its not pushing 4.65in 720p)
Hardware - This is a difficult one. Heres the cliffs:
--> Radio - RAZR hands down smokes my Gnex. Ill drop calls in my house, and my wife (hardly) gets LTE signal. Im frequently at no signal and she is a good 20% better at most times. Im in a fringe area, so that affects it. Make this a MAJOR deciding point before buying
--> Camera - They both suck... honestly there not much more to say
--> Screen - I prefer the Gnex.. the buttonless design is one I hope more OEM's adopt because it is beautiful. The 720p screen looks crazy good. The RAZR screen is good as well, but ive found it a bit over saturated and it tends to make things a little un-realistic. It could just be my wifes particular device.
--> Audio - Honestly this is a tie and depends on what you want. Heres why... The outter speaker and ear piece are much higher quality on the RAZR. They sound, well motorola-ish. Its a great aspect of the phone. But thats not to say the Gnex is bad, the ear piece is clearer IMO and not quite as loud, but i find myself lowering the volume down sometimes.. so its about the same. My favorite aspect of the phone is the audio over headphones.. I don't know if its hardware or software related but music sounds amazing over a headset. While using the built in EQ I'm a happy camper.. and I listen about 4 hrs or more per day streaming HQ over google music. (1gb + per day
) I don't find the Nexus really bad in loud environments but Volume+ is a must have.
--> Design - the nexus is beautiful.. the RAZR is a little awkwardly thin. But its a good decision either way. My wife is a little chunky and I like my phones to fill my hands too, so I love the feel of the Nexus.
but its really a personal choice. Strictly based on eye appeal while lying on a table, the Nexus is amazing because of nothing on the front and the curved screen... everyone who has ever held my phone said the weight is perfectly proportioned and doesn't feel as big as it is. I love holding it and the ports in the bottom is a plus. My phone sits top down in my pocket so headphones point right out and it just feels right. More phones need to be like this.
So my choice is.....
Droid RAZR is better then the Nexus...
Galaxy Nexus beats the Droid RAZR...
???
I'm not a fan boy either way here. I love devices, I live Android and I love tech. I love where the Galaxy nexus is taking android and I believe that Google and Samsung built a fantastic flagship... but its not for everyone. Motorola has begun the difficult task of climbing out of a very deep hole they dug themselves when they didn't cancel the Bionic, released the Droid 3 and called the DX2 a new device. Not to mention locked boot loaders. Without motorola being bought by Google I would have put Motorola on my Kill list for 2012. The lackluster devices they have put out and reniging (sp?) On its word doesn't fly well with the community. The Android dev community is no longer a small flock of undergrounders. Google has embraced us and the OEMS motorola in particular better realize that we have the power to make or break them. (See abysmal sales of BIONIC and the huge Nexus thread and all the people who found out how great a phone it was just by us and android news sites)
You can go wrong with either device. Even though I recommend the RAZR a small bit more for most users, you couldn't pry my nexus from my cold dead hands.
Hope this helps !
Edit - the nexus WILL see more OEM support then the Droid RAZR. I promise you that. If your worried about being 'outdated' think about this. The GALAXY SIII is still about 4 months away in the UK release (if they follow what they have done in the past with the US being last) and 6 months at best from a US release. I haven't even seen rumors from anyone about carrier testing yet. The next Nexus is 12 months out.
Motorola will (most likely) announce the Droid RAZR HD at CES.. w/ICS & 4.5in S-AMOLED screen and a 12mp sensor in tow. Sadly Motorola's rush to release a product has outdated (and probably pissed off) many consumers who JUST bought the RAZR. I expect a Late Feb release for the RAZR HD, maybe earlier if its on GB and not ICS.
Quad core phones are not going to be on VZW before late 2nd quarter IMO.