I like the bigger screen.
I've been running the Galaxy Nexus for a few months now. I still have my i4 that I use to FaceTime family and give it to my daughter to play with.
The build quality of the GNex feels a little cheap. Not as solid as the iPhone felt. Not as good looking. But, it's a good device. I had a rough spot running a custom rom for a while, but I've sorted that out and it's been running like a champ.
Now that I've been using a bigger screen - it's a must have. My wife will be getting the next iPhone iteration so I'll be able to mess with that. Hopefully the 4" rumor is true.
Off topic: I'm hoping that the rumor of a mini iPad is true. That would definitely be the first tablet that I purchase for myself. I'll probably pick up a GTab when they are going for cheap on Craigslist.