I debated between them. I'll list my personal pros / cons below!
Razr
Pros: Great build quality, I like motorola
Cons: Did not feel good in my hand at all (due to width / shape I assume), Lower res screen, Have to wait for updates or Root / Rom, Can't change battery
Nexus
Pros: ICS and Quick updates, large high res screen, bigger removable battery
Cons: No sd card slot, was weary of samsung build quality, new OS / quick updates could potentially mean more chance of dealing with bugs
Either way though, I went with the Nexus... I figured despite loving Motorola's quality, I would try something new, and the pros for the Nexus were pretty important to me. A lot of people were particularly disappointed with no removable storage, but I personally never even took the SD card out of my OG droid so I think i'll be fine!