Here's the TL;DR.
My wife dropped her N5 and destroyed the screen. I just got off the phone with Google support and they are sending us a replacement.
The Full Details
Here are a few details of how my call went for those curious. I started the call by saying that I had purchased 2 N5's from the Play store and that my wife had dropped hers and shattered the screen. The rep confirmed my account information. I told the rep that I had heard that Google was offering to replace phones and I wanted to see if that was true. I also told the rep that I wanted to see what my options were regardless of the promotion. He placed me on hold. A few minutes later, he came back and told me that he had to transfer me because he was having problems with his computer. No big deal.
The second Google rep had to confirm my info a second time and I explained what was going on. He told me that Google reviews issues like these on a case by case basis and that often they refer people to the manufacturer. However, he said that he was going to see what he could do for me. I was placed on hold for a few minutes. He returned and said that he was able to get us a replacement. Awesome. Within a few minutes I received an email with instructions, I ordered the replacement (with FREE next day shipping!), my account has a hold on it and I should be seeing the phone on Monday or Tuesday.
Seeing that not everyone has had success, I would say that it depends on who you are talking to. Perhaps it wouldn't hurt to try a second time and see if you can speak to a different rep. Also, I would highly suggest being super friendly as I think that may have helped in my case instead of demanding a replacement because I read it on the internet.
Good luck to everyone!