This is from an Android Central article about the 8GB Nexus 4. I think its appropriate for this conversation.
"8 gigabytes of storage is enough, except for when it?s not
So, after telling you not to buy the 8-gigaybte Nexus 4, I went and bought the 8GB Nexus 4. With all the launch day chaos, I had a choice between an 8GB Nexus 4 or no Nexus 4, and I made the only decision I could -- to opt for the cheaper model with less on-board storage. Given a free choice, I?d still recommend paying the extra $50 or ?40 to double your storage, for all the reasons I went into in the original article.
But since I?ve been slumming it on an 8GB Nexus 4, the limitation of 5.67GB of space for all my assorted crap hasn't been a huge impediment. Regular Android apps don't take up that much space, and since I'm on an unlimited data plan, streaming through Google Play Music is preferable to loading up the phone with MP3s the old-fashioned way.
The overwhelming majority of the time, 8GB is enough. (And we've had more than one manufacturer tell us their surveys support that.) There are just a couple of instances where the Nexus's anemic internal storage becomes troublesome. The first is gaming -- high-end Android games regularly weigh in at 1GB of more. Need for Speed: Most Wanted, for example, tips the scales at 2GB once all its files are installed. On an 8GB Nexus 4, that's more than a third of your available storage, meaning you'll have to ration what's left of your internal flash if you're a big gamer.
The second problem use-case is any kind of media consumption that relies on local files. If you're taking a long flight (say, halfway across the world for a major trade show), or traveling anywhere with less-than-stellar data connectivity (say, a major trade show halfway across the world), media streaming suddenly isn't an option. That means you'll need to load your phone up with files beforehand. And 5.67GB is easier to fill than you might think, especially when all your apps and downloads have to come out of that same allowance.
The community consensus is that 8GB is a little wanting, but 16GB is enough. Forum poster badbrad17 says of his 16GB model, "I have every app I could need installed plus lots of photos and videos and I still have 9GB free. And this is with 1.3GB for my Titanium backup. 8GB is certainly not enough but 16 is plenty for most people."
A link to the article
Nexus 4, two months on ... | Android Central