The Razr camera is horrible. The Nexus Camera is meh but not horrendous. The 2 year old iPhone 4 (and new iPhone 4S) kills them.
#1) Battery life blows on my Razr. I'd forgive it if I could bring it into a store and have them swap my battery life, but this is Verizon and Motorola we're talking about, not a world class company like Apple.
#2) Screen. Same size device, bigger and better screen on Nexus. Actually Nexus is less wide.
#3) Faster. Nexus runs a faster GPU, it would be interesting to see whether ICS is slower feeling on the Razr because the GPU can't keep up the OS graphical acceleration. CPU wise, it likely runs cooler and uses less battery life on a higher binned processor.
#4) Modding and community - you can bet the Nexus is gonna get everything first and foremost.
Other major thing the Razr can't do:
5) Music Playback because the headphone jack is white noise/whine city. It's unacceptable and laughable at this day and age.
To be honest, if this Razr had no battery life issues and could double as an Mp3 player, I wouldn't be so hard on it. But because it's Motorola and we know the battery will die in a few months, and you lose sound quality... there's no reason to accept this level of device when there's cheaper and better out there.
So I'm returning it on December 8th for the Nexus, and if that one has major flaws, I'm going to give up and go back to iPhone 4S.