the galaxy nexus CPU is more than "barely ok". . . .the OMAP4460 is a 1.5 GHZ cpu that is so good, they they can clock it down to 1.2GHZ (where its at) and get the same performance on the phone. the GPU, stock, runs at 200 MHZ. the version in the galaxy nexus is over clocked to 384MHZ. thats almost twice as fast. plus, it has a dual channel memory, which i think other phones dont have. it allows fro better multi tasking so it can get data in and out quickly and simultaneously. also, it has an IVA 3 hardware accelerator that decodes HD video much quicker at much less power. another top new android phone, the RAZR, has an OMAP 4430, at 1.2 GHZ and the same GPU at 304 MHZ. i think its difficut to say this phone is a "let down"
sidenote: the nexus line isnt about bleeding edge hardware, its about bleeding edge software.