didnt want to start another thread so..
Dezymod, is your nexus running hot? mine is running pretty hot. I have it set at 1.3 MHZ max and 1.2min, governor = performance, IO scheduler cfq (not sure what is does), and everything else is default from the rom. i tried to set it to 1.2 max but it run hot also.
How hot is pretty hot? There are tons of things that could come into play here. Radio issues, app issues, settings issues, issues with ROM/kernel, ambient temperatures....etc
Given the information you have given, I would start with settings. The performance governor locks your device into the max speed at all times. Use a less demanding governor, interactive perhaps, and lower the minimum clock speed and your temperatures should go down and your battery life should go up.
Edit: Ideally you want to use as conservative of a governor as you can stand to use, as it will help save battery. Some governors are a little too conservative for a lot of usage. Interactive is probably the default on most kernels, and is kind of in the middle, leaning more toward performance than battery savings. Kernel devs have made their own tweaks to governors (which I discuss in the thread I linked below), so this may not be entirely true for all kernels. Generally, I think most people would be best with interactive. If you don't care at all about battery life, and your device isn't getting dangerously hot, then performance is fine choice as well.
Your scheduler shouldn't be a problem here, unless the kernel dev has modified it somehow and made it unstable.
http://www.droidforums.net/forum/galaxy-nexus-kernels/221485-kernels-cm10.html <-- I made a couple posts there giving a general overview of some of the terminology of kernels, and linked to a couple threads that went into detail about governors and I/O schedulers. If interested those threads (not so much my ramblings) are decent reads, even though they are for another device.
Of course it could be one of many other things too, or perhaps a combination of things.