I'm very pleased with Android 4.1 running on my Nexus S 4G (in the form of an early build of CyanogenMod 10.) The main gripe I hear from iPhone users who try Android is the input lag, and they've really tightened things up with the latest release. With the superior hardware of the Galaxy Nexus I'm sure things are even better.

In terms of a new Nexus release, I don't know what's been officially announced or rumored, but I have to think one is imminent. The Nexus One was released in early 2010, the Nexus S in late 2010, and the Galaxy Nexus late last year. If Google were not to have a product out by the end of the year would be a significant missed opportunity to capitalize on the momentum of these releases and the big leaps forward with the operating system in the last year.