Off contract, its a no-brainer to buy the Nexus for $400 vs $549 for the One S.
The beauty of the One S is that you can get it subsidized where as you cannot for the Nexus.
To be honest, I had zero interest in the One S when it was announced solely for the reason of not having a 720p screen. I told myself the #1 priority for my next phone has to be a 720p screen.
Now that I've had it for 2 days, I can say that its the best screen I've had in any phone.
From HD2>GS1>G2>IP4>G2X>GS2.
I think the screen is so close to the glass that it seems to have a 3D-like effect.
Sure, I'd love to have a 720p screen but its impossible to find that is a smaller phone.
Every damm 720p phone is now >>4.6" these days