Hmm. The Nexus 4 camera is actually decent.
https://www.youtube.com/watch?v=a1AQyIuB26k
It seems that the OTA update fixed the dropped frames issue. Can someone else confirm this?
I did some video, and it looks great - the video is, I think, better than the pictures the phone takes, which really do seem to be someone worse than the iPhone 4 (and more so when compared to the 4S). I think they fixed the frame rate issues, based on my 4.2 build video.
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More impressions after a bit more time:
I love the screen. Love, love, love, love, love the screen. Love it. Watching YouTube (the hilarious Hitler Nexus 4 video), the area of the video is easily twice that of the 4s (due to ratios, etc.), and it looks amazing (higher resolution). Everything else looks fantastic, too. I don't know how the brightness compares, but it doesn't matter - it's far more than bright enough, even in sunlight.
I love the feel in my hand - not just the sides, which are very comfortable, but the size. It just fits better than the 4S.
Battery life... well, we'll see after a few charge cycles. It's not award winning at this point. But it's not horrible, either.
The camera is... ok. It's fine. It's not stellar. I consider it a result of the lower cost. It's not disappointing so much as it's just not exciting.
The LED... oh, God, I love that I can change the color on it. That makes me giddy for reasons I can't explain.
The OS is a bit off... for example, on mine, I can't turn off vibrate-on-keystroke. I mean, I can shut it off in Settings, but it doesn't do anything, even after a reboot.
I'm still getting used to JB on the phone. I love it on the N7; I'm less enamored with it - at this point! - on the phone. There are differences (different settings, fewer widgets on the bottom, etc). And I'm so, so used to iOS for phones; it will take time to get used to JB. I think I'll be able to, and perhaps like it as much, but, honestly, I think iOS is better at calling/messaging. I just do. We'll see if my opinion changes.
In a nutshell? If this were the Nexus 4 touch, I'd love it. As the Nexus 4 phone... I'm still getting used to it. Once I know the "right" way to do things, I'll see if I still prefer iOS.