I have been running my Nexus 5 into the ground (soldered on a new power button when the original broke) in anticipation of the next Nexus phone. Pixel is no Nexus.
Seriously, what does this have that the year-old Nexus 6P and 5X don't, other than incremental hardware improvements? And a massive price hike? Why should I buy this?
(Seriously, Google? You want $650 for a phone with a 1080p screen? I know there's benefits to a lower resolution but then why not drop the price? It's ridiculous.)
My perception is that Google no longer knows what it's doing. Reference Allo for an even better example. The company can coast on their existing products but only for so long.