[Nexus 4 General] skeej:
Most has been named already:

- No removable storage (I'm a huge proponent of cloud storage, but the current "data plan culture" generally requires you to spend a fortune on a subscription in which you can really use your phone as a part of a cloud. A one time purchase of a 64 GB Micro SDHC card is currently still an infinitely cheaper and more practical solution)

- No removable battery (If this improves build quality and phone size, I can live with it. I usually like to use my phone longer than the average phone enthusiast (my prev phone was a SGS i9000), but will I be able to with the Nexus 4 if the battery appears to deteriorate after 2-3 years?)

- Lag, or at least still not as smooth as iOS on comparable hardware. It's understandable for some parts; the way Android is designed allows for more flexibility and apps to decide more on their own how to run things, which you pay for in the prize of a little performance. I shouldn't really HAVE to install a custom rom and a custom kernel to improve smoothness on my phone, but still it does.

- LCD. I was really disappointed with the phone's screen out of the box. Being able to adjust the gamma values with a custom kernel helped a lot, but I think I still prefer an AMOLED display with a full RGB layout. The white tint when you view the phone at an angle and the low contrast ratio and greyish blacks give the screen a cheap feel imo. Also pity about the really obvious touchscreen layer being visible in sunlight.

- Camera, could have been better for this type of phone. Low light performance sucks. I don't mind really. In the end, we didn't pay premium price for the N4 compared to other phones. LG had to cut the costs somewhere...

- Touchscreen responsiveness still doesn't seem up to par compared to WP and iOS devices. I don't mean UI performance but literally the input lag. This hasn't really improved with project butter either it seems.

- Speaker sucks, rear-aimed like nearly all phones, low volume, fully flat phone backside so laying the phone down mutes the volume almost entirely.

I was skeptical towards the sw buttons on the N4, but over time I have really started to enjoy using them. But again, you need an aftermarket firmware to really put the sw buttons to use. For instance, I think that out of the box Android cannot operate upside-down (screen turned 180 degrees). Because the N4 has such a uniform double-symmetric design, it's really easy to pick up the phone and not realize you picked it up upside-down. The UI being able to rotate 180 degrees, and still having the nav buttons under your thumb because they are rendered on the screen is really awesome. But again, I think this is not possible in stock Android? It's been too long for me running CM10.1 :D

Another thing that was annoying about sw nav buttons is not being able to unlock your phone without using your full hand when it is lying on a surface. With a hardware home button you can use one finger to quickly wake the phone and check the time, weather, notifications, or whatever other lockscreen widget you have running. Having to nearly fully grab the phone to press the power button is kind of annoying. Again this can be easily solved using (mostly rooted) apps or roms. Someone mentioned GMD Gesturecontrol and this indeed brings much awesomeness to the phone. I believe many custom kernels have a "sweep2wake" option too.

And that is basically the best thing about Android and this phone in particular (because the firmware is so easily accessible and modifiable), if you don't like something, you can probably change it, and it's not even that hard!

I'd still wish for a phone with hardware music controls though. Longpress to skip is too unreliable, and a pause button would be nice too.