It looks like a good device, but is it that special?
At $649, it's in iPhone 7 and Galaxy S7 territory.
It doesn't have an impressive curved display like the Galaxy S7 Edge so the 5.5" Pixel is likely to be larger than a 5.5" Galaxy S7 Edge.
The Snapdragon 821 is probably the best processor they could get, but it doesn't stand up well against an iPhone 7 (or even older iPhones on common tasks like web browsing). So, that doesn't bring anything impressive to the table that I couldn't get before.
Google has just said that the display is "Hi-Definition" in their presentation slide. Looking at one of their videos, it looks like 441ppi on the 5" which means 1080p and 534ppi on the 5.5" so the 5.5" matches the S7 Edge, but the 5" is a lesser display than the Galaxy S7. Not sure it makes much of a difference, but it doesn't best a competitor at the same price.
The Galaxy S7 and many other devices come with 4GB of RAM.
There doesn't seem to be anything in this device that's so exciting with the possible exception of the camera. But how much of that is software? The DxOMark review notes that "Pixel’s biggest innovation is an enhanced version of Google’s HDR+ multi-image capability. . .the Pixel pushes the capability further than we’ve seen before". So, is this simply software that Google is going to keep proprietary in order to sell its device? That's certainly fair game, but it points to exclusive software, not hardware being the draw.
Unlimited photo and video storage is nice, but that really doesn't have anything to do with the device. That's just google offering an exclusive service with purchase.
To me, it mostly looks like what I can get in competitive phones, maybe with some exclusive software. It's not faster (constrained by the best Qualcomm can muster). The camera is marginally better than an iPhone 7 (though no word on the iPhone 7 Plus). The display is competitive with or worse than a Galaxy S7 [Edge].
I think Google has a better chance if they start developing their own chips as the article alludes to. Apple has a large single-code speed advantage that's particularly noticeable on the web (https://twitter.com/codinghorror/status/775777790494846976).
The Pixel looks fine, but it doesn't have something amazingly impressive. It's good, but nothing that truly makes me think that Google has outdone itself. If I were in the market for a new Android phone, I'd consider it. But the OnePlus 3 seems to have most of the same in a much cheaper package. The Galaxy S7 Edge seems to have a cooler package for much the same equipment. Plus, I guess my concern is whether Google is going to care about the Pixel phone 9 months from now. Maybe this is a huge new push. But OnHub seems to be abandoned for this new Made By Google thing after a very short time and generally Google has a bit of a history of not caring about things that don't immediately gain traction. So, maybe a couple years from now it'll look more attractive.
EDIT: looking at the specs, it's 8.5mm thick at the thickest which is how they avoid the camera bump compared to an iPhone 7 at 7.1mm thick.
EDIT 2: I'm very glad that Google is getting into the hardware game. I think they can create great devices and help push the industry forward. I think competition will be great for consumers. I think there are lots of areas (like WiFi) which need to be made better. But it's hard to beat the best smartphones with your first model. I'm glad Google is creating a phone, but smartphones aren't low-hanging fruit to create something remarkably better.