Well, volte-face.
I broke down an ordered the international version of the N5 last week. I wasn't fully committed to purchasing it yet as the wait time was showing 4-5 weeks. I just wanted to get my order in the queue and decide later. But today, one week after ordering, I received notice that my order had shipped! And I've decided I'm going to keep it.
The additional reviews that came out since I originally made this post that tipped the scales for me are:
-Alex Dobie's and the AC team's report that the N5's battery is close to the HTC One. That does sound like a step-up from the N4.
-Very positive comments about the improvement in the N5's screen over the N4. I didn't expect this with all the talk on how people really can't tell the difference between 720p and 1080p screens. But a lot of people commented on the crispness of text on the N5, and I do a ton of reading on my N4 so this is a big potential benefit.
-OIS and HDR+ do seem to make the camera a step-up, and per the The Verge's report that Google is working on a software fix I have faith it will get even better. Although it's not clear to me whether the N4 will also get HDR+? Still, OIS and the larger BSI sensor are probably worth it.
-Reduced battery drain when listening to music. I use my smartphone for music a lot so this could also really help battery life.
-Having a noticeably lighter phone will be nice.
-LTE, while not an option for me right this second, is just around the corner and I know I'm going to want that.
Bottom line: I have a serious weakness for Nexus phones.
I was fooling myself thinking I could resist upgrading to the N5.