[Nexus 4 Android Development] PsyGik:
I see you're using Google Camera. Try using CM Camera and try to reproduce the issue. I checked with Google Camera and it FC'd because of a missing library file I think. This is the relevant part of the logcat from my tests.

07-08 10:57:10.306 191-5326/? E/OMX-VENC-720p﹕ ion recon buffer free failed
07-08 10:57:10.306 191-5326/? E/OMX-VENC-720p﹕ ion recon buffer free failed
07-08 10:57:10.306 191-5324/? E/OMX-VENC-720p﹕ ERROR: unknown flags=0
07-08 10:57:10.707 180-180/? E/ServiceManager﹕ add_service('media.audio_flinger',0x53) uid=1013 - ALREADY REGISTERED, OVERRIDE
07-08 10:57:10.707 5364-5364/? E/MediaPlayerFactory﹕ calling dlopen on FACTORY_LIB
07-08 10:57:10.707 5364-5364/? E/MediaPlayerFactory﹕ Failed to open FACTORY_LIB Error : dlopen failed: library "libdashplayer.so" not found
07-08 10:57:10.707 180-180/? E/ServiceManager﹕ add_service('media.player',0x2) uid=1013 - ALREADY REGISTERED, OVERRIDE
07-08 10:57:10.717 180-180/? E/ServiceManager﹕ add_service('media.camera',0x3) uid=1013 - ALREADY REGISTERED, OVERRIDE
07-08 10:57:10.787 5364-5364/? E/﹕ [ACDB RTC]->rtc init done!->result [0]
07-08 10:57:10.787 5364-5364/? E/﹕ [ACDB ACPH]->actp diag init done!
07-08 10:57:10.807 5364-5364/? E/﹕ csd_client_service_init: Invalid rx device 0, setting to handset
07-08 10:57:10.807 5364-5364/? E/﹕ csd_client_service_init: Invalid tx device 0, setting to handset
07-08 10:57:10.807 5364-5364/? E/QMI_FW﹕ xport_open: socket creation failed - 1
07-08 10:57:10.807 5364-5364/? E/QMI_FW﹕ QMUXD: Service_id=20 not found over conn_id=0
07-08 10:57:10.827 5364-5364/? E/QMI_FW﹕ QMUXD: Service_id=20 not found over conn_id=0
07-08 10:57:10.837 5364-5364/? E/QMI_FW﹕ QMUXD: Service_id=20 not found over conn_id=0
07-08 10:57:10.867 5364-5364/? E/QMI_FW﹕ QMUXD: Service_id=20 not found over conn_id=0
07-08 10:57:10.887 5364-5364/? E/QMI_FW﹕ QMUXD: Service_id=20 not found over conn_id=0
07-08 10:57:10.917 212-5287/? E/mm-camera﹕ config_shutdown_pp Sending QCAM_MCTL_CMD_SHUTDOWN to mctl_pp
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_read_pipe Got CMD_SHUTDOWN
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_do_shutdown: SHUT DOWN src 0 dest 0 image_mode = 2
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_clear_buf: unmap buf_type=1 with idx=0
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_clear_buf: unmap buf_type=1 with idx=1
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_clear_buf: unmap buf_type=1 with idx=2
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_clear_buf: unmap buf_type=1 with idx=3
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_clear_buf: unmap buf_type=1 with idx=4
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_clear_buf: unmap buf_type=1 with idx=5
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_clear_buf: unmap buf_type=1 with idx=6
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_read_pipe Sending SIG_DONE
07-08 10:57:10.917 212-5290/? E/mm-camera﹕ mctl_pp_proc_reset_dest src 0 dont need reset dest
07-08 10:57:10.917 212-5287/? E/mm-camera﹕ vfe_stats_req_buf: error = -1, stats_type = 0, num_bufs = 3
07-08 10:57:10.917 212-5287/? E/mm-camera﹕ vfe_legacy_stats_buffer_free: Line: 657 failed
07-08 10:57:10.917 212-5287/? E/mm-camera﹕ vfe_stats_req_buf: error = -1, stats_type = 5, num_bufs = 3
07-08 10:57:10.917 212-5287/? E/mm-camera﹕ vfe_common_stats_buffer_free: Line: 723 failed
07-08 10:57:10.917 212-5287/? E/mm-camera﹕ vfe_ops_deinit: E
07-08 10:57:10.917 212-5287/? E/mm-camera﹕ vfe_client_destroy: subdev release failed; error: -1 Bad address
07-08 10:57:10.937 594-608/system_process E/qcom_sensors_hal﹕ hal_process_report_ind: Bad item quality: 11
07-08 10:57:10.947 594-780/system_process E/AudioService﹕ Media server started.
07-08 10:57:10.957 5059-5161/com.google.android.GoogleCamera E/Camera﹕ Error 100
07-08 10:57:10.987 5059-5059/com.google.android.GoogleCamera E/CAM_CamErrCallback﹕ Got camera error callback. error=100
07-08 10:57:10.987 5059-5059/com.google.android.GoogleCamera E/AndroidRuntime﹕ FATAL EXCEPTION: main
Process: com.google.android.GoogleCamera, PID: 5059
java.lang.RuntimeException: Media server died.
at com.android.camera.CameraErrorCallback.onError(CameraErrorCallback.java:33)
at com.android.camera.cameradevice.AndroidCameraManagerImpl$ErrorCallbackForward$1.run(AndroidCameraManagerImpl.java:1304)
at android.os.Handler.handleCallback(Handler.java:733)
at android.os.Handler.dispatchMessage(Handler.java:95)
at android.os.Looper.loop(Looper.java:136)
at android.app.ActivityThread.main(ActivityThread.java:5148)
at java.lang.reflect.Method.invokeNative(Native Method)
at java.lang.reflect.Method.invoke(Method.java:515)
at com.android.internal.os.ZygoteInit$MethodAndArgsCaller.run(ZygoteInit.java:795)
at com.android.internal.os.ZygoteInit.main(ZygoteInit.java:611)
at dalvik.system.NativeStart.main(Native Method)
07-08 10:57:11.037 5364-5364/? E/MonoPipe﹕ Failed to fetch local time frequency when constructing a MonoPipe (res = -32). getNextWriteTimestamp calls will be non-functional
07-08 10:57:11.137 594-608/system_process E/qcom_sensors_hal﹕ hal_process_report_ind: Bad item quality: 11
07-08 10:57:11.377 5364-5364/? E/OMXMaster﹕ A component of name 'OMX.qcom.audio.decoder.aac' already exists, ignoring this one.
07-08 10:57:11.467 5364-5364/? E/FFmpegExtractor﹕ android-source:0xb8039d60: avformat_open_input failed, err:Invalid data found when processing input
07-08 10:57:11.467 5364-5364/? E/FFmpegExtractor﹕ android-source:0xb8039d60|file:/storage/emulated/0/DCIM/Camera/VID_20140708_105659.mp4: avformat_open_input failed, err:Invalid data found when processing input
07-08 10:57:11.467 5364-5380/? E/MetadataRetrieverClient﹕ failed to capture a video frame
07-08 10:57:11.467 1279-1293/android.process.media E/MediaMetadataRetrieverJNI﹕ getFrameAtTime: videoFrame is a NULL pointer

This is the library E/MediaPlayerFactory(23746): Failed to open FACTORY_LIB Error : dlopen failed: library "libdashplayer.so" not found missing.

I can confirm the FC on CAF and AOSP kernel. For now you can use the default CM camera app, or any other 3rd party camera app. I tested on Camera 360 and Camera FX and no FC there. So for time being avoid using Google Camera (That app sucked anyway IMO :P).

Maybe [MENTION=5330727]andersonaragao[/MENTION] will fix this in the future builds. You could also try testing with other 3rd party kernels. Maybe it'll work.