The Nexus One is an amazing phone. I love mine. I rooted and installed the latest Cyan build rom to speed things up. It's awesome.
Again like others said, the screen will sometimes go wacked. very rarely though, not enough to stray me from buying it again. This will be fixed in a firmware update soon also. The phone has 512mb of RAM, and 512mb of Flash memory for apps n such. no other phone has this much.
Regarding your is there another phone question. Look up the HTC Desire, it's basically the N1 with actual hardware buttons instead of on screen soft buttons, and it's also running android 2.1 with HTC Sense UI over it, sense can be left on, or disabled so you look like vanilla android, and I prefer android just the way it is. The Desire also has like 50mb more memory, but thats not much of a deal changer.. It also has a Optical trackpad instead of the trackball like on the N1. but recently cracks have allowed trackball colors, and I'd rather have that then the optical pad. my large trackball is blue for txt'd, green for email, and white for missed calls.. perfect.
Enjoy ur amazing new device