When discussing the N5 with respect to the competition, one must always keep in mind of its pricing. That alone is a clear advantage to anyone looking to go the no-contract route. We must also acknowledge that at least in America most consumers still tend to go the contract route.
Personally I'd like to get off-contracts in the future. I had a pretty big fight with an AT&T CSR about unlocking my iPhone 5 last spring. In fact I called 3 times and in every instance I was given a repeated 'no'. Finally I decided to sell my iP5 and was able to unlock it for $6 via an online service. Strangely I had no trouble getting AT&T to unlock my S4 Active for travel this past summer over the phone. Perhaps the fact that I paid full price for the phone was the reason, but it was never clear.
I'm a big fan of the Nexus line. Unlocked phones are just absurdly priced these days. I know Google is anti-SD card but I do find it to be a glaring omission once again. I love having my musically locally stored on my S4.
One thing to note from the Verge's review was the speaker. It seems LG continues to make a piss poor speaker. This is a non-issue for some but personally it's a pretty big deal to the way I use my smartphone. My iP5 and current S4 have very good speakers. Not as good as the One but still very good indeed. Loud and not distorting at full volume.
Camera is pretty important to me but I'll concede that we really can only expect so much from smartphone shooters. As long as the N5 camera is solid for general use, I'm happy.
The N5 certainly looks a lot better than the N4 IMO. No more glass back. Bigger screen. Light. That power button however looks just a touch too high on the right side. I also wish there was a $450/64 GB variant. Perhaps next year.
Overall the N5 looks like a great phone IMO. Especially at those price points.