I've seen the prices even drop to below $175 now, so I would definitely recommend it. I got mine new when it came out, December, 2011, but got my brother a used one in June, 2012 to keep Unlimited Data and he also likes it. Part of what makes a phone great is the developer support, and the GNEX still has it, probably because there are those that can't justify leaving Verizon's network for the Nexus. The fact that it can easily be rooted with an unlocked bootloader mean you should always have the option of running current software.
I still think it's funny when some phones are just getting ICS when I've had it since 12/2011. I never had one, because I hate sliders, but the Nexus is the heir apparent to the original Motorola Droid and that phone was released in 2009 and also had a strong fan base and plenty of developer support.
At this point, I don't have any desire for any of the phones currently out there. The one phone that may change that could be the first Google/Motorola collaboration. If it isn't an official Nexus device, I hope it will be similar to the first Motorola Xoom and be a easily customizable with stock Android, great hardware, radios, with an unlocked bootloader.