After thinking about this for a while, I can't see it being a pure Google experience device. The Nexus name is associated with google dev phones. They're the first to receive updates, and they come sans carrier installed bloat. Yes the OG Droid wasn't locked down but if I recall correctly, it still came with a few apps not native to android ( maybe amazon mp3? and a couple others). Not to mention even the OG Droid got its updates from Motorola NOT Google. Nexus device updates come from Google. While this may be similar to the upcoming Nexus device, I have a hard time believing that Google would compromise the Nexus name by allowing carrier controlled bloat to be installed on the phone just to gain the "Droid" branding. Nexus to most equates to unlocked and bloat free. Droid is typically associated with VZW and figuring out how to uninstall the bloat on it(in most cases)
I feel that with the Google acquisition of Motorola, Google has absolutely NO incentive to compromise the Nexus name by slapping the Droid branding on this phone. My opinion is that the phone will be on par or better than the Bionic and Vigor but be loaded with pre-installed bloatware as all Droid branded devices have. I have my doubts as to whether this phone will be the first with 4.0 as well. I believe at Google I/O they stated a new Nexus device would premier the software(could be wrong) Several things to me just say Samsung just said "We can't get the LTE radio into a suitable form factor to fall into the GalaxySII line, I guess we'll give it the Droid branding." Droid and Nexus are two valuable and separate names for Android fans, so I wouldn't get too excited about this rumor.