Midrange schmidrange. To the majority of potential buyers - not us gadget nerds that frequent these forums - I don't think it matters much that this one doesn't top the specs charts. What they have here is the best looking Android phone to date (imo). On a level that finally comes close to Apple design. Many will love the custom colors. I think they have a winner here.
For myself, I feel like buying one just for fun, just because of its looks. If I had enough cash to own a "daily driver" and another phone on the side, I'd buy this one in a heartbeat even though the Note 2 has proven to me that 5.5" screen + S-pen is what I need. I also like the voice activated Google Now thing a lot.
The "camera shake" thing is a good idea - the faster you can bring up the camera, the better. Definitely useful, if it actually worked... I don't get why they don't just put a dedicated camera button somewhere. Not just for taking snaps, but for waking up the camera as well. How hard can it be? One press to insta-activate the camera, 100% of the time. The "shake" is a bright idea, a stupid gimmick.
And no 4.3? Come on. The "separation" between Google and Motorola that they talk about...that just doesn't make sense. If it's Google's company, the one advantage they should have is Nexus level update timing.
Overall though, I bet this one is going to sell really well. Again, I would pick it up for fun in a sec if my cashflow was just a tad more happening

Most of all, I'm just so happy to se an Android phone that doesn't just *almost* look good. This thing looks hot.