The early rumors had this having the 1Ghz snapdragon I was disappointed it does not. Overall its not too bad especially if you want/like/need the qwerty. If you don't need/want/like the qwerty go with the Incredible
I keep seeing bad reviews on it. Saying its slow, quirky and such. I think they should use my samsung I760 that is slower, windows, and WiFi stopped working. then review it again. Waiting two seconds for a menu would be awesome in my current situation.
I would still go for the Droid or Incredible. It seems about as fast, if not slightly slower than Droid (in my experience with mine for the past 6 months) in that video demonstration on that linked page. Plus I'll bet it doesn't have a GPU as good (or at all) as the Droids for games and stuff. Also, an OC'd Droid is even faster than the Nexus 1 when pushed past 1 GHz (at least from all the synthetic benches I've seen in Linpack and SetCPUs bench).
Regardless of all that subjective stuff, Froyo/2.2 is coming out (or is already out for Nexus 1 owners) really soon and I'll guarantee that Droid will be the next phone to have it, even before any of the HTC phones because HTC has to take 2.2 and integrate Sense UI into it before it's released and that's going to take a little time. That gives the advantage to vanilla Android phones such as the Nexus 1 and Droid in terms of how soon it gets the update. Same deal with later subsequent updates. LG seems to have their own "skin" for the Ally, so they might take forever to try to customize 2.2 for their phone.. if they even decide to update it. Just food for thought if you're still on the fence about it.