Well I don't have an iPhone 5 to compare it to. But let's not forget about LTE in the iPhone 5 that eats your battery like cookies while the Nexus 4 doesn't.
Also, in comparison to the iPhone 4S, the S4 Pro is a much more energy efficient CPU, thanks to the smaller 28nm as opposed to the iPhone 4S's 45nm. Add this to the fact that the kernel I am using is supposed to scale back CPU usage more aggressively, and most of the time when I look in my Franco Kernel app 2 cores are off, this doesn't make up for the 700 mAh difference in battery capacity.
So when you really look into the details a little further as opposed to just stopping at core count, its obvious to me that a 700 mAh better should be doing better than it currently is.
Could this be caused by a bad battery in my Nexus 4? Possibly. But I think another huge factor is just how well iOS is able to utilize available resources. That is why iOS always feels so smooth compared to an Android phone with similar specs. If you were to run the latest version of Android on the iPhone 5, it wouldn't feel nearly as smooth as iOS does on the iPhone 5. And I think this just goes to show how important OS efficiency is in both performance and battery life. And I think this is probably the biggest reason that people have been complaining about battery life on the Nexus 4.
And in case you are looking to try out Franco Kernel or already have, this is one of the newer features: