However a lot of people don't notice the difference, just something I am picky about. It's one of those things that once you know, you notice all the time.
I know that feeling
Don't you just hate that! sometimes I wish I can just ignore it
If we are looking at this purely from the hardware perspective (i.e. ignore what carrier will sell them and at what price), then I think the Nexus is the one to have.
Nexus has:
Bigger and higher PPI screen (4.65" vs 4.3", 316ppi vs 256ppi)
Faster radio (21 vs 14, though only noticeable if on Next G)
Faster GPU (though most games will play just fine on either phone, more interesting from hardware acceleration perspective and future games)
and it is a Nexus device, meaning fastest updates moving forward
RAZR wins on:
Thinner (but 1mm wider despite the smaller screen)
8MP (MP isn't everything, plus SGN has the zero shutter lag)
Bigger battery (30mAh isn't much and RAZR has non removable battery, though larger screen on SGN will draw more power)
Micro SD card slot (personal opinion here, I haven't got a Micro SD in my SGS)
Both are nice phones, but I would get the Nexus mainly for the screen and being a Nexus device for faster update