I'm not going to say a whole lot about the Nexus One other than it seems quite disappointing compared to all of the rumors that were surfacing of something special. At the same time I'm relieved as I'd have been as upset as anyone if it was to make my Droid obsolete in 2 months. And I really didn't think they'd do that. All I see is that the Nexus One has a much faster CPU. In other categories it's got a slightly smaller screen (wash), smaller memory card (no biggie), more internal storage, a 5 mp camera (got it!), and pretty complete networking (got it!).
I will say that I'm disappointed that Google is busy setting up a virtual phone store instead of fixing the remaining issues with the marketplace. I also think Google has a chance to show that they don't want a fragmented platform by getting 2.1 out to us when this phone is released (and by making it available to developers to test with now).
Lastly, I think Nexus One is a weak name. Sounds high tech, but does it really sound like a phone? I know Nexus means something along the lines of being connected, but wouldn't gPhone have made a better name and Google's intentions much clearer?