The Lack of LTE is a con just like the less then amazing battery is a con. They are both cons to some people. Same goes for the storage options. It's a con for some and not for others. Same with CPU. Many people (like me) dont need the quad core snapdragon processor. So not having it wouldnt be a con. If it is a con to some people it's an overall con. Plain and simple. YOU decide its a con for YOU, NOT if it's a con in general.
Anyway, at face value the phone seems to be downright amazing, especially for the price. But, many sites are reporting a whole lot of flaws with this device, both hardware and software. Here is the newest one -
Nexus 4 Battery Shot Reveals Potential Quality Issues ? xda-developers
I know both the hardware and software are prerelease stuff, but I dont expect THAT much to change from the devices now and the devices on release. We wont know much else until the phone is released.