Nexus is nicer to hold, not half as difficult one handed if you know what I mean. It's more SGS2 than note that's for sure. While the nexus size is a bit bigger than I'd like it's certainly more usable, the note is almost comically oversized, not really sure where the target is for this device considering the nexus announcement either - it now lacks power advantage (200Mhz isn't noticeable) and ICS in comparison.
This is my line of thinking too.
I really can't see why you'd opt for the Note over the Nexus. People in the Note thread are saying they have a Bluetooth headset paired and ready for use if someone calls them, but that just seems a bit of a faff to me. That would also imply they are in agreement that it's a bit too big to hold against your ear comfortably, and without looking a bit strange, especially if it's white.
With the Nexus you're getting pretty much all the benefits and none of the drawbacks. The S-Pen thing isn't going to be much use either, having a device with a stylus is just odd, I didn't like it on the N900 and I won't on this either.