The main difference between the RAZR and Nexus is the OMAP4460 which is the same dual core processor (Cortex A9) clocked at 1.5 instead of 1.2. And the GPU clocked at 384 instead of 304.
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I believe you are wrong regarding the processors in the Nexus and the RAZR. The Nexus processor is the OMAP 4460 which is designed to run at 1.5Ghz as you mentioned, but the manufacturer (Samsung) chose to underclock it at 1.2Ghz. The processor in the RAZR is the 4430 which is spec'd at 1.2Ghz and Motorola chose to clock it at the spec'd speed. So, both phones are using almost the same processor and they are also both clocked at the same speed.
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