In terms of no 4G, it really isn't a big deal at all. I'll tell you why. I really hope people would stop listing it as an issue, or a reason not to get a Nexus S.
As of right now you'll see the same speeds on a Nexus S as you would on a "4G" G2 or MT4G on T-Mo's "4G network". The Nexus S is able to take advantage of the increased speeds on T-Mobiles networks where HSPA+ has been deployed. The Nexus S' radio supports a max download speed of 7.2 Mbps while the G2 and MT4G have 14.4Mbps radios. That 14.4Mbps radio is what T-Mobile refers to as a "4G" capable phone.
The difference in radio speed doesn't really come into play in current real world situations. The fastest network speeds I have found in my area (L.A.) has been a little above 5Mbps down and close to 2Mbps up. I'm able to get those speeds on both a G2 (4G HSPA+ phone) and the Nexus S.
So, for now,
you're going to get the same speeds with the Nexus S as you would with a "4G" HSPA+ phone on T-Mobiles network. At least until they increase the network speeds again. When that happens, the "4G" HSPA+ devices will be in better shape because they'll be able to take advantage of that added bandwidth. However, right now all that is irrelevant.
My Nexus S is 4G
Hell, when all the carriers call their networks 4G when they aren't......why shouldn't we all just say that the Nexus S is a "4G" phone. After all, it can handle the full capacity of the current "4G" network.....So doesn't that make it a "4G" device??
I apologize for going on about this issue, but I'm kinda sick of hearing so many people point out this "lack of 4G" and complain like a little girl. I'm perfectly happy with 5-6Mbps downloads on the cell network until I get my next device in a year or so.
/endrant