That was one of the things I was impressed with when I went to Best Buy to compare my S5 with the G3. Being that the two phones were nearly identical in size, I was really impressed at how well LG utilized the whole screen compared to the S5.
To me, a 5" screen is just right, so I would rather have an updated Nexus 5 just so I can stay within the Nexus family. I'm doing OK with the Nexus 4 at the moment. I have a Nexus 7 I toss into the car if I need to do any lengthy replies to messages, or do some other tasks that are harder to do on a phone. (Doesn't help that my eyes are shot--I need that 7" screen.) Not that the Nexus 6 isn't nice, but it doesn't really suit my needs. It'd be a shame if Google neglects the 5" size in their lineup, especially given the big leap in cost when moving up to the Nexus 6. The other Google Play Store edition phones didn't impress me that much but, if they get their Android OS updates as fast as the Nexus series, I might consider one.
I am only on the fence at this moment since one of the Nexus 4s in the house is acting flaky--I can afford to get a Nexus 5 and hand mine down, since it is still working. But we cannot determine if the other one is suffering Lollipop bugs or just a hardware failure.
For those of us who like phablets I think it is perfect as it is a tad larger than the Note 4 (same height if the note 4 is in an otterbox) with a larger screen.
But I hope the nexus line expand to where they release a phablet and a phone so those who want a nexus experience can have a choice. The issue with that is google may not want to bite the cost of developing two devices a year especially in an already saturated android market. And Android Silver, well since last years rumor of it being the talk of Google IO we have not heard any thing else about it so I am ready to call the time June of 2014.