By now you would have noticed that there is a release date and pricing for the iPhone 4S, so perhaps that has already swayed you. But I'll still put in by two cents. I haven't owned an Android phone before, but my brother has one, and I try to keep up with things, though I'm sure there's plenty I miss. Here's my view. Somebody correct me if I'm wrong.
The first thing I'll say is, for a smart phone, 4 years is possible, but it's a long time. The first iPhone is only 4 years old.
Android is a great platform, the idea behind it is fantastic, but it has some serious drawbacks. (I know nothing about the Nexus)
1) Battery life. As I understand it, the current range of android devices have serious issues with battery life. People struggle to make it through the working day without recharging devices even with only minimal usage. The new devices may address this issue, but I wouldn't count on it.
2) Fragmentation. It is up to the individual manufacturer to choose the version of the OS they will put on a device, and if they will release the next version for your device. One of the effects of this, is application compatibility issues, apps may or may not be available for your device solely because of the version of OS it shipped with. I believe Google is attempting to overcome this issue, we'll see the results in time.
3) User interface. As you are aware, every manufacturer does their own thing, they tweak the interface and put their own software over the top of the android system. As a result, the user experience can vary significantly. Google is attempting to improve this also, once again, we'll see the results in time.
4) Apps and Security. Many people feel that Apple has gone too far locking down the iPhone as tight as it is. Google on the other hand, is at the absolute other end of the scale. Anyone can release any app they like, to do anything they like. This is both good and bad. The majority of apps available are harmless, though you might have to try quite a few before you find a good one. Ultimately it is up to the user to decide if an app is useful, useless or damaging. I understand there are currently several antivirus apps available for Andriod, I also understand that a good portion of those apps contain malware.
The bottom line, in my opinion, is that Android will be great if they can iron out the issues before it goes totally rogue.
Right now, if you want something you can constantly tinker with, you're happy to have the slightly rough edges, Can tolerate recharging your phone twice a day, and you don't mind occasionally playing Russian roulette with an app, then Android is probably for you. If on the other hand, you want a device that just works, is polished, relatively safe, and has a predictable OS update lifetime, then the iPhone may be your better bet.