I too was recently deciding between the 4S or the Razr. On Verizon, they had a deal to double your data (ex. 4 GB for 2 GB price). This deal is only valid on phones that are 4G network compatible.
For me, it came down to 4S is not 4G compatible, so for the same plan $, I would get half the data. So I went with the Razr.
But that will not be true for everyone. Perhaps you have a different provider, or maybe you are still grandfathered into a better data plan, like unlimited data. I was not, so my decision was easy.
Final notes: the best thing that I love about the Droid Razr: the built-in HMDI port. I also bought the HD Docking station. It has full size USB ports, allowing you to use a standard keyboard and mouse.
The worst thing - the case has to be removed before inserting into the HD Dock. I searched and have not found a case that would solve this issue yet.