The S5 is equal or better than the Nexus 5 across the board, at least in terms of specs.
Camera has twice as many megapixels, battery is 500mAh larger, and a better processor (already mentioned)
Sent from my Galaxy S4 running SlimKat 4.4.2
I guess what I'm looking at is a bigger, heavier phone with a lesser screen (unless you prefer SAMOLED), same storage (before SD) options, roughly equivalent processors, more or less the same on every other spec except for the battery and camera. Camera I'm willing to assume is much better than the Nexus, even though the Nexus got much better in 2013 than the Nexus 4 and it has OIS, and on the battery, I don't care much about the number in the battery size, so much as how long it actually lasts real world. For example, the battery in the Nexus 5 is bigger than the Moto X, but the X will outlast it every day of the week. On theoretical processing power the 801 is better, but which one is actually faster when the two devices are next to each other? We don't know yet, but if history is a clue, the TouchWiz will lose that race. For me, the few things it's better at are not worth the trade-off for what you lose, but for many people those things are exactly worth it and/or they don't like some of the things that I would value.
I'm not trying to say one device is better or worse than the other, because then we have to define, "better at what", etc, but instead I'm making the argument that there are no differences that would warrant a dramatically different price point to be found in the hardware, and thus the differences must be subjective and/or market driven.
To clarify, the premise of the post I was responding to seems to be that the Nexus is garbage and it's being purchased because it's cheap. I'm pointing out that it's not cheap, it's sold with a totally different strategy/philosophy and that is, from a component standpoint and a software standpoint, at least in the same league as, if not in some cases better than the other flagships that do command the much higher price stratosphere.