Ignoring the price point.
IMO it is a very nice phone and is most certainly in the same league as all the other major phones optimus G, GS 3, one X, XL, X+, S, RAZR HD/MAXX, RAZR M and note II.
The price is just a huge bonus.
The only areas that don't seem to be as good overall is the camera and other wee things like no USB OTG (bit annoyed about this as google clearly stated that the nexus 4 did support this..........)
- Build, perceived quality and design is top notch although the nexus 4 was put together cheaply, article on XDA about all the areas that google/LG didn't bother with
- screen might have some weaknesses compared to the X and GS 3 etc. but overall it is very good
- battery life is poor for now, however, once certain things are turned of it is very good and when google fix the software/driver problem it will be one of the best, if not the best aside from the note II, RAZR HD/MAXX and possibly the M
- nexus device so will get updates fast and be guaranteed to get them
- for some people stock android
- audio is one of the best there is, on par with the S and GS 3
- camera looks good for a smartphone, but overall the GS 3, X and one S etc. are better
- best CPU chipset on the market with 2GB RAM (even though the benchmarks are awful
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)
If I was looking for a brand new phone coming from some dummy phone and all the phones cost the same price, I would rather get the note II (if size wasn't an issue), one XL or X+. The nexus 4 would be my perfect phone if:
- it had a more saturated screen, preferably SAMOLED
- better camera
- didn't have a glass back