I know yours was just an example of the cost for this phone, but let's say you do buy two Nexus 4s, you'll get 24GB of total storage separated across two phones with no LTE, lesser battery, inferior internals, 720p screen, and an even more fragile build quality. Or you could buy a Galaxy Nexus S4 with the potential of 80GB onboard with micro SD storage (with a directory bind or the app to sd application in the play store), 1080p screen, best CPU/GPU combo currently on the market, LTE, and a better battery with the option to switch to a larger capacity one. I don't think it's been confirmed what this phone really is, all we know is the surface of it and that it'll run stock Android. The phone that was held on stage with stock Android on it had the gesture and proximity sensors on it so there is the possibility of it having those features.
Literally the only thing the Nexus 4 has going it against this phone is the price tag. That's it.