Yes, I thought Nexus 5 would be hard to beat in terms of value, but Moto G does it.
As to the so-called "developing markets", I'm not so sure. Have you ever visited Chinese knock-off websites like dx.com? They consistently offer Android devices with even better value propositions than Nexus 5 or Moto G, if you're not afraid to put your trust into a knock-off manufacturer.
Many folks in "developing markets" have no other choice, because they simply lack the money for more expensive devices. I read that in China, only about 8% of Android apps are installed via Google's Play Store. Go figure...