The Good:
Stocked with un-customized Android 5. The new launcher is awesome. The aesthetic changes are pretty slick, too.
Display is truly excellent. Colors are extremely good, auto-brightness actually works, and sharpness is of course as good as your eyes will ever be able to appreciate.
This phone is crazy stupid turbo-fast. Apps load faster, multitasking is snappier, and every facet of UI interaction just seems quicker.
Theres something very cool about the way the Nexus 5 looks. Hardcore Plastic, separating it from cheap, quick plastic.
The Not So Good:
Unexciting camera. Its not bad, its just not very good, either. Auto-focus is just too slow.
Battery. The battery life isnt horrible, but it could be so, so much better.
External speaker just kind of sucks. Its not that loud, the quality is pretty awful, and the placement means youll probably muffle it if youre holding your phone in landscape mode.
No slot for additional storage.
Non-removable battery.