GNex is not really up to par with the true S3. Exynos 4412 beats the hell out of the TI OMAP 4460(CPUs), and the Mali 400 destroys the Gnex's GPU. However, it is an entirely capable phone, and being a Nexus device you can expect proper updates and support for a few years, especially if you get the version being sold on the Play Store. And really, for the price of an off-contract SGSIII, you could get a GNex and a Nexus 7, and by doing so you'd have a great day-to-day phone and a powerful tablet(Tegra3 comes close to the 4412/Mali400 in terms of benchmarks). You won't regret the purchase if you go with the GNex.