UPDATE:
I flashed my former GNEX all the way back to bare bones stock. Factory wipe / reformat. That process was actually VERY easy. However, I did call Asurion and ask if it was an issue for me to wipe all the personal data off my phone. I was told it was not necessary but not a problem. I was informed all phones are factory wiped regardless. Which make sense. The person did make it a point to say some users customize their phones and that was absolutely not an issue because this was an insurance claim on not a warranty claim. I was told if the phone screen was cracked and the phone still functioned, the screen would be replaced, it would be reconditioned, wiped and used for subsequent replacements.
Asurion was AWESOME. They sent me a brand spanking new GNEX in the box. All I had to send back was the old damaged device, without the battery. So I have an extra battery too.
Unlocking was a major PITA again. For whatever reason you have to reinstall the Samsung drivers again and that process is NOT fun if you forgot how to do it, which I did...LOL. Rerooting was a cinch.
I thought I was going to have to install Titanium again and transfer the files I copied out of my old phone into the new one. Didn't have to. The Market pushed all apps back into my phone as soon as I signed into Google services again. Gotta love that! Restoring the app data is not an issue for me. I don't mind relogging into to the normal apps and conquering Angry Birds levels again...LOL.
I read many horror stories online about Asurion. I have to say my experience with them has been GREAT. This is the second phone they have replaced for me with absolutely no questions asked. 5 minute questionaire online, make payment, and one business day later the new GNEX was at my door. The deductible went from $50 to $99, but for a brand new GNEX I am not griping too much about it.
Happy to be on my new GNEX and OH YES, the Otterbox is on its way!