When I first heard that the Nexus 4 was going to be an LG phone, I thought that this would be a disaster. For people who may not know, LG is a manufacturer of cheap electronics. Their goods aren't exactly synonomous with quality, and that includes their smart phone line up. They often don't release the source code for their products and the build quality of their products is generally crap. The LG stands for Lucky Goldstar, which can tell you what to expect from them. They're basically the only competition to Samsung in South Korea, and from what it seems, Samsung has nothing to worry about.
Anyway, since ASUS got a kick at the can, I guess Google figured that they could move forward with an LG Nexus phone. This makes no sense since every release of a proper Nexus device has been done by people who can either make tablets or phones on their own that aren't total pieces of crap. The thing is that this phone isn't really a nexus phone because it's not compatible with the Android Open Source Project. The main appeal of the Nexus devices is that you can build to them, and the Android Open Source Project is the basis for other projects such as CyanogenMod and Android Open Kang. This basically means that it's going to be a lot harder for the Nexus 4 to get any aftermarket mods on it, even if you can fastboot oem unlock the device.
There's also the whole fact that the LG Nexus 4 doesn't have a removable battery. This sucks because you can't buy a larger battery and if there's a battery issue, you have to get a whole new device. I understand that LG devices are shitty and disposable, I just wish that Google didn't waste their time with LG and got someone else to make the phone.