We've yet to see Google do anything interesting w/ Motorola though (unless I've missed something). The Nexus line are all currently built by LG, no? So sure they own Motorola, but they haven't (tightly) integrated it into their Android plans.
The Moto X has two interesting clusters of features:
1) The obvious one and only mildly interesting is the customization. I believe that will appeal to a large market segment.
2) The less obvious and more creepy one is the battery saving combined with the always on features. I believe this is very much the Google vision at play. The Moto X is always on, aware of its surroundings, and integrated with Google Now. I see this is part of the same vision that created Google Glass, and ultimately will be a Google chip in your brain.
How well it works in practice I have no idea. Google Now haven't impressed me, it best it tells me what I wanted to know 15 minutes ago. The Moto X features be utterly useless. But the direction is definitely interesting.
The phone is clearly not interesting to those mainly interested in peak CPU performance, DPI, or screen size. I'll also skip it for now. Let someone else be guinea pigs.