My Nexus 5 arrived a couple of days ago after I shipped it back to LG to have the power button issue repaired. After it was received at LG, the post-assessment email said the phone was out of warranty by date code, and that I could have the phone repaired for $45, or have them do a full refurb for $179. I opted for just the repair and a few days later it was shipped out. Total turn around time from mailing out to coming back was 13 days.
Unpacked the phone, popped the SIM card back in and booted it up. Took a while, but the phone worked just fine, just like new. It came back with 5.1.1 (Lollipop) installed, but quickly picked up two 5.1.1 updates, and the next morning my phone was telling me the 6.0 update was ready for downloading.
Getting all the apps reinstalled was a bit of a long process, but went pretty smoothly. Fortunately I had recently backed up all the important stuff, so data wise I didn't really lose much.
While the Nexus 5 was off being repaired, I put my S2 back into service as a wifi only device, which worked out reasonably well. Using Android Beam to transfer (via NFC) the few files I had collected/modified back to the Nexus 5 worked out pretty well, and was nice and easy.
Now the Nexus 5 is pretty much fully restored and practically feels like a new device.