Hey xalmgrey,
The Nelson is a good ship as long as you take into account her weaknesses. The Nelsons strength lies in her ability to have all guns facing forward at the same time, good fire chance and awesome heal. The Nelson does have a few major weaknesses and that includes a thin bow, susceptibility of catching on fire and just plain taking a lot of damage. A lot of the damage taken can be negated by using the heal properly (long cool down time so make sure you use it at the most opportune times).
What this really comes down to is if you like tier VII first of all. I think tier VII is a great tier and there are a lot of good ships there. Do you like British BBs and how they play (mainly HE with some AP mixed in). Do you have any need for the Nelson right now unless you are trying to add to your collection.
I think the Nelson is still a great ship!
Good luck and enjoy the Nelson if you decide to get her.