Having a good camera is extremely important to myself. This RE Camera is very small though and more practical in some areas. I'm waiting to see the Nexus camera (assuming it's Verizon) before I even seriously think about it though.
I have a nice dedicate digital SLR camera for when I KNOW I want to take good pictures... but for the most part I am the type of person who doesn't wear a watch and doesn't like having anything outside my wallet and phone in my pockets.... I don't even carry my house keys with me (Mostly because I park in the garage and never actually NEED my key)
I just really like to limit the amount of crap I have to carry around with me.... Even small and compact in nature... I don't want to have to carry another device around if I can help it...
The Nexus 5 camera is okay for basic every day "Hey look at that" type of pictures..... Nothing I'd try and show off in a gallery or anything... but it does enough to be okay.... an improved shooter would be a nice upgrade...