The time lapse feature on the Samsung Galaxy Nexus can define a set interval for taking a still photo.
Each time you start and stop the time lapse interval, a new video is created and stored in the gallery as a an HD .mp4.
You can define the exposure interval from 1 second to 10 seconds.
The time lapse feature is built into the video module on Android 4.0. Its function may vary as handset manufactures start skinning Android 4.0 going forward.
With the time lapse videos below, I compiled several smaller time lapse clips with Android 4.0’s built in video editor Movie Studio (see this link for in-depth look at Move Studio).