No microsd: Not good. May be willing to overlook that. Maybe not.
no led: That does seem like a glaring omission. Goog and Sammy must have a trick up their sleeves, right?!?
Edit**: It definately looks like it has an led notifier in
these pictures. Proximity and light sensors on the left and the led on the right, the same as my Incredible.
No FM tuner: I have one on my Incredible and I have never used it.
No 720 recording: The official site says it supports 720x480 video recording
No BT 3.0: Not a requirement for me, but maybe for others it is.
No dual-core: This is kind of a downer, with all the talk that dual-core is the next big thing in performance and energy efficiency.
This sentence makes you question what is between the authors ears, though:
"Heck, it's arguably hard to recommend it over the original Motorola Droid."
On the plus side, you'll be getting 2.3, 3.0 and on well before anyone else.
Nexus S The new Android phone from Google