I came from an Optimus S (same as the V, only Sprint branded), and yes the Bionic blows it away. About the camera, it's awesome in good lighting, but can suffer as lighting goes down in my experience. That applies to photo and video. The stock battery is lack luster, but there are numerous extended batteries available. I went with the OEM extended and wow what an improvement. It does make the phone a little thicker and heavier, but I personally like it. There are even higher capacity batteries, but the reviews were iffy about life span in most cases. I don't know what moosc was talking about it being locked down, as it's a removable battery. It's also received a slight speed boost with the latest updates. I'm not sure what the advertisements are currently saying, but the ICS update bumped them from the factory 1 GHz processor speed to 1.2 GHz, making it identical in performance to the Razr. Of course they are on 4.1.2 now.
Unlike the Razr, it has an LCD screen instead of the Super AMOLED screen Razr and many other phones have. The downfall is a bit of battery hit and red/magenta shades can have a shadowing effect if they move too fast. The only time that's been an issue for me has been when switching home screens fast. Haven't noticed a problem with movies, games, etc. You do get true colors too, unlike the green tint that is constant on Super AMOLEDs.
To give an idea of how well it's held up compared to current phones, I just downloaded Dead Trigger 2 and can play on high quality graphics, including particle effects and water reflections, with no noticeable lag. Maybe a slight stutter here and there and sure heats the phone up to do it, but still very playable.