Alright people.....seems like a crapload of people don't know what they are talking about.
First off.......GOOGLE HAS ALL POWER OVER THIS PHONE, try being samsung and going against Google on THEIR phone. Samsung is only lending parts and helping manufacturing it.
It's also all about software integration this time.....like WP7, running the OS better without the need of ridiculous specs.
Next, there are reasons why Google has gone with the TI OMAP vs Exynos. First, the OMAP 4460 has superior HD encoding skills for that beautiful 720p screen. Higher resolution = harder to run just like any PC game. The OMAP 4460 is also originally clocked at 1.5ghz so it's definitely going to get overclocked/undervolted after its release. The SGX 540 is also over clocked......yes it's sad that they didn't put a beefier GPU in there but the SGX 540 still holds its ground and its all about the software integration anyway. I highly doubt android games are being developed based solely off the SGX 540, if they were....you would get better looking games than the original Infinity Blade considering the iPhone 4 is using a slower GPU than the SGX 540, it uses the SGX 535 i believe to be exact.
They also went with OMAP because of the dual-channel memory which means better multitasking.
5MP camera may be less than 8MP but from early tests, the 5MP camera is holding its ground against the 8MP iPhone 4s, we won't know until more tests are done and they find out what sensor etc...but I'm sure Google put some thought into this and its not complete . IDK about you guys, but i barely takes legit photos with my phone....thats what a DSLR is for and point and shoots.
Either way, its all about ICS and integrating it with the hardware this time around as Google said numerous times during the release of the phone. So i expect it to be snappier than any other android phone until the next Nexus phone is released. Nexus S is still smoother than most phone and keeps up with the likes of the Galaxy S II.
Oh yea....for some benchmarks. There's early benchmarks showing the Sunspider and V8 tests. The Galaxy Nexus blows the iPhone 4s out of the water in both of them