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The 5 megapixel camera in the Galaxy Nexus is about the only specification that is not at the highest end of the spectrum. Some have written it off, but as you can see in this gallery the device takes decent photos for most decently lit conditions.
Make sure to check out my ZDNet Smartphones & Cell Phones blog post with more details on the camera in the Nexus.
Pike Place Market in Seattle taken with the Apple iPhone 4S.
Pike Place Market in Seattle taken with the HTC Radar 4G.