While it may disappoint many people who just want the best at any price, you can't ignore the fact that the N4 is half the price of other phones in its class. The price really is the killer feature of this phone.
Ignoring OS, there are other phones that are getting much cheaper. Example is the new Lumia 920 that is $449 on ATT w/o contract. While it is $100 more expensive than the the 16GB Nexus you do get the following in addition:
* 32GB (+16GB)
* LTE
* [Removed]
Is this worth $100? I think probably so, but in any case, I think it shows that phones in this class (flagship like devices) are actually more price competitive than people may think.
Ignoring OS is the only way to make a fair comparison, since OS preference probably trumps the feature and price delta ( whether you prefer WP or Android).
The single most important factor is also the most subjective. I personally dislike Android and wouldn't use this phone if you gave it to me for free, but I can still respect the price for hw. I'm surprised this even needs explaining.
Have you ever used Android 4.2? This phone ships with a new OS version that I don't think is out anywhere else yet. How do you know in advance that you will subjectively not like it? I hate Windows Phone 7, but I wouldn't dare say I hate Windows Phone 8 since I've never seen it IRL. How could I make such a judgement? It's not purely subjective, either. What's the point in having more RAM or a bigger screen if the OS doesn't handle those well? Or, if it handles it exceptionally well, that should be noted as well.
Ignoring OS, there are other phones that are getting much cheaper. Example is the new Lumia 920 that is $449 on ATT w/o contract. While it is $100 more expensive than the the 16GB Nexus you do get the following in addition:
* 32GB (+16GB)
* LTE
* [Removed]
Is this worth $100? I think probably so, but in any case, I think it shows that phones in this class (flagship like devices) are actually more price competitive than people may think.
Edit: To remove wireless charging per comment.