It's not the best trail bike, it's not the best race bike, it's not the best hucking bike.
It is the best bike for doing any kind of riding really, really well.
Depending on the build, you can literally do any type of riding on this frame. It's a light enough frame to be built up as an XC-ish machine, but burly enough to be built up as a gravity sled. Or, you can do what I did with the frame and go for an all-around, do-everything bike.
Only gripe with the frame is the zerk fittings on the lower link. I broke one, and it was a pain in the ass to get the part of it still in there out - it took a lot of swearing at and fighting with the broken fitting before it came out. My opinion is threaded zerk fittings, not pressed ones, would be better. In any case, big thanks to Santa Cruz and its awesome customer service for hooking me up with some free replacement fittings.
For those who are stuck between the LT2 and the Nomad, here's the basic take-away: If you're more climbing-oriented, get the LT2. If you're more descending-oriented get the Nomad.