It took 3 replacements, but I finally got a GOOD GNex. My first phone wasn't bad at all... I got an occasional data drop every now and then, but it was manageable. Biggest problem with the first was the Camera would not connect after switching from camera to another app, then back to camera. Finally, the volume rocker quit so I made the call to VZ and got a replacement. The 2nd Gnex was almost unusable. I would lose network connection several times a day. WiFi to 3G handoff (I'm not in a 4G area) was non-existant. The only way to regain 3G was to restart (toggling Airplane mode didn't do it).
On to Gnex number 3. Network connectivity was better, but still not acceptable. Occasional data drops, but 3G speed was slower than the other 2 phones. Streaming Audio with TuneIn, Slacker or Google Music was horrible. The Camera connection issues were back. GPS was also unusable. I could only connect to a GPS satellite after a fresh restart... any other time it would just search for a satellite indefinitely. This time I was DONE with the GNex all together, but not enamored with my exchange options (Razr Maxx would work, but I hate the screen), I decided to give the GNex ONE MORE try...
Keep in mind I had tried both Stock Unlocked 4.0.2 and various 4.0.4 ROMS, with 4.0.4 radios on all of these phones. My problems were definitely hardware issues.
So far 5 days in, this 4th GNex seems to be perfect. Not ONE data drop. Wifi to 3G handovers are seamless. No Camera issues. GPS finds a satellite in seconds. Even Google Music streams with almost no interruptions. I'm back baby!
I guess I just felt the need to post this, as I figured there were plenty of other people like me who were otherwise in love with the Nexus, but couldn't deal with the bugs. It may take several replacements but if your like me and are not crazy over the other options VZ has right now, then don't give up... Good Nexuses DO exist.