I'm having the same issue. On one hand, I want a Nexus One because it's vanilla Android, it's sexy, and it's for T-Mobile. But on the other hand, I want to wait it out a bit for another vanilla Android phone with a bigger screen (4.3" anyone?), 720p video without root, front-facing camera (to match those silly iPhone 4 fanboys), and HDMI out. If I'm going to be paying $500 for a phone, I want the latest and greatest technology there is.
I'm pretty much stuck on T-Mobile and the chances of them getting a superphone, let alone vanilla Android, are pretty slim. Don't even mention the Galaxy S or the Motoroi...TouchWiz is disgusting and I'm on a CLIQ with MotoBLUR now, no thanks.
Nexus Two, anyone?