Should I buy the Nexus, even its 1 year old?

I'm planning to buy a smartphone around christmas but i dont want to spend 500$ on a S3, the next Nexus or the iPhone 5 (I'm bored with iOS and had 2 iPod touches). Now the price of the Nexus is at around 350$, but its one year old hardware. Will the nexus still get the latest Android Version in maybe 1 1/2 years? I also like the Sony Xperia S a lot (I would use Cyanogenmod on it). I like it because of the design and the camera. But also here: Will CM support the Xperia for the next 1 1/2 years?

Is it still worth buying a Galaxy Nexus?