Nokia: - Nokia approach requires better lens with low aperture, because shallow DOF is done physically not using algorithm - Refocus on Nokia seems to be super fast, because they just change the picture which is used
Google - can use any lens, as bokeh is just calculated - you can change parameters of bokeh (very shallow DOF or not so much) - it requires a lot of computational power, so it take a lot of time to modify the photo
Google's version, on the other hand, works with only a single photo, so it's more versatile. It may suffer issues with quality, though (arising from the difficulties in accurately extracting depth values from a 2D image). That has yet to be seen.
This doesn't seem to be what everyone else is saying. Most people here are saying it takes multiple shots as you move the camera.