I hate to say it but the colors likely won't be much better on the Nexus. The resolution will be much higher, so any granularity or pixelation should be minimized, but the color "issues" will be similar - I believe anyway...
I just "rented" a Razr while waiting for the Nexus and I have to say the display is AWFUL!! The coloring seems off to me (coming from a thunderbolt BTW) - the whites have a yellowish tint to them and blues look green ... just terrible!!! I really hope the Nexus drops soon!
The RAZR definitely has a grey/blue quality to the display. It's inherent in the panels Moto has decided to use for these devices.
No white pixel = grey/blue. Add to that the oversaturation all AMOLED screens suffer from and you have a subpar screen (IMO at least).