The most important phone of the year has arrived. We not only get a new version of Android, but a new approach to hardware design, too. This isn't just any new piece of hardware; this is (hopefully) the start of a revolution in design and materials for Android phones. This Nexus 4 hardware is so good, so well-built, and made with such attention to detail, that it is the new high bar for any hardware - not just Android hardware. The standard cheap plastic slabs aren't going to cut it anymore after this.
Besides the killer hardware, it's also the first phone with Android 4.2, which isn't hugely different from 4.1; in fact, it's still known as "Jelly Bean." There are a few new goodies, most notably lock screen widgets, an overhauled camera app, and a beautifully designed clock app that no doubt indicates the future design direction of Android.