So far so good but still a lot of key features that must be present.
The 1+1 is starting off on a good foot by putting in a 3100mah battery and having Cyanogenmod on day 1. I have a preference for removeable batteries but I've always maintained that a large enough battery renders it a minor quibble. Since they're also talking about software optimizations that should mean thermals won't be a problem. This factor alone already puts it above the M8 (and given Google's track record, the Nexus phones) for me.
Still, there's still a lot of other things the 1+1 needs right now. My laundry list is:
1) headphone audio quality needs to be at least "average" (the N5 would be considered "poor") the N5 has a pretty low barrier to beat here. i'd argue the same applies for the camera.
2) device width cannot exceed the GS4 (which is close to the limit of single hand use in the average case)
3) wireless and cellular connectivity must be solid (seriously, if it has terrible reception, then what's the point?) certainly has a point, but I don't think this has been an issue has it? I can point to phones that have sucked in the past too like the Nexus One and Nexus S which had attenuation issues too, but no one really made a big fuss about it.
4) either 64gb standard (non-slow) internal flash or microsd (microsd is icing but the issue is sufficient storage space. This is another factor the Nexus phones completely fall flat at) 16 and 64gb options only it seems. shouldn't really be a big issue considering a lot of OEMs out there use low quality NAND as well. The Nexus 7 original is a perfect example.
5) minimum iPhone 4S class camera (I think an 8MP decent low-light shooter isn't too much to ask for. Something like 4MP is ridiculously little especially if the low-light performance isn't _that_ much better) that's a pretty low standard, no? I'd say iPhone 5 camera minimum. this is where I'm hesitant. We'll see how they perform.
Sure, there are lots of other "icing" factors but I think the above list is reasonable and absolutely critical to me.