Since the pixels are so small this was something I could overlook but it still annoyed me to see it every now and then while thinking I had some dust or dirt on screen. The other day I noticed another dead pixel at the bottom 25% of the screen, right around the middle again. This made me paranoid that the screen was dying or something so I downloaded an app to check and make sure.
When I opened the app I noticed a 3rd dead pixel. These last two pixels couldn't be more than 2 weeks old. The device is old enough that I doubt Google will accept it for a return so I went ahead and ordered a new Nexus 5. I'll be giving this one to my father or maybe a family member as long as the new one doesn't have any defects.
So download an app to check your device for dead/stuck pixels. I'm not sure if my issue is related to launch day panels or if I'm just an isolated incident. Positive thoughts that my new Nexus 5 will be defect-free!