Nexus 4 has the updates by google which is pretty nice.. But i would say my Note 2 is far better than my Nexus 4..
1. Bigger screen
2. Faster processor
3. Bigger memory (up to 128GB)
4. Huge badass battery
5. S pen
6. Some Samsung Features
7. Better TouchWiz than old one (i personally use Nova Launcher for the Launcher part)
8. And MANY more things i didnt mention.
The note 2 is more expensive than Nexus 4, so what nexus 4 has is good for its cheap price, also it has google stock latest updates which ia prettu cool..
But a phone for +2 years, i choose note 2..
Sent from my Galaxy Note 2 (GT-7100)