I think one of the two cables included should always work, accounting for the main button & mic even (though volume buttons on the iPhone cable one won't do anything on Android obviously)... That's why they bundle two different cables to begin with. There's basically two types of TRRS jack terminations, the first one was established by Nokia or Sony before the current smartphone era, and then Apple came around and decided to flip the ground and mic contacts around for the iPhone (of course)...
Now the problem is that for a while some Android OEMs used one termination and others used the other... I think they may all be on the same page now but I'm not sure. I know Samsung actually used both depending on the specific model. I think I remember reading the Galaxy Nexus in particular used the opposite termination from the S2, xda's forum is probably a good place to ask or search for an answer. There's always adapters like this one, but I doubt you'll need it.
On my HTC phone both cables actually worked just fine, the black iPhone one (3-button) and the red Android one (1-button); although I might've only tested whether the button paused music and not the mic, so take it FWIW. I traded my iPhone cable (with another Head-Fi'er) for the 1-button orange one that comes with the M-100, so I haven't got it anymore.
I do have a pair of Ety hf3 which are meant for iPhones (and even have the volume buttons) and it also works just fine with my phone, even though Ety sells the 1-button hf5 for Android/others. Not sure if the phones can sense what's plugged in and actually switch mic/ground around or if they're just doing something else for compatibility's sake.
This doesn't sound good, I don't really care for the iPhone cable, I'm just hoping that at least the android cable would work with the Galaxy Nexus properly.