Squirrel does not know what he's talking about. The SGS3 is not much more of an update than this phone. I waited for the announcement of the SGS3 and did not think it was worth the wait. It's a nice phone, but not leaps and years above the Galaxy Nexus, plus you forget that the USA version of SGS3 will be dual core not quad just like the USA version of the HTC One X.
but if you want to talk about Obsolete the Galaxy Nexus will be running the newest and greatest Android 5.0 later this year, while this time next year your SGS3 will STILL be on ICS, just like my SGS2 is still on GB 6 months after the release of ICS.