I'm not even trying to be sarcastic. I can't figure out why I should be excited about this. Okay, Google's cooperating with some unnamed hardware manufacturer and some unnamed wireless carrier to produce this device, but what does that mean for me?
Nexus doesn't mean that it's produced with a given hardware manufacturer, or even a given set of hardware (beyond the implication that it's generally the best available at the time). For phones, it doesn't mean that it's tied to any given carrier, though it also doesn't necessarily mean that it can be used between carriers either (thanks to the GSM/CDMA incompatibility). It doesn't mean that the device won't have carrier bloatware on it. It doesn't mean that the device will be the first to receive updates (for proof: take a look at the angry Nexus S users who still don't have ICS). It doesn't even mean (anymore) that the device will receive updates directly from Google! Since Google's now apparently establishing a two-versions-per-year schedule for Android, those once-valuable promises mean absolutely nothing.
I have a Galaxy Nexus, and I love it - I'm glad I upgraded. But I honestly don't know what Google thinks the Nexus brand means - maybe they have some idea, but they're not doing a great job of communicating it to even a tech-savvy Android user. I'm glad that Google took the UI to the next level on ICS, but unless they solve this problem very soon, Android's in trouble.