For a phone, I think the camera and video are ok. I've had my Nexus 5 for a few days now and have had pretty decent results. Sure it has its limitations but for under £300, I can live with them. Below is a video I took with my Nexus 4 (basically the same camera) at Glastonbury this year...
Bought a Nexus 4, its been an excellent phone. Ordered my Nexus 5 yesterday, had confirmation e-mail that its being delivered on Monday. Daughters going to get the Nexus 4 but she doesn't know yet.