Future Galaxy Nexus Updates

I was wondering, and I bet some of you were too....will the Galaxy Nexus get further Android updates (to 4.x and 5.x) after the arrival of a new Nexus, presumably the LG Nexus 4. At the moment I have a low-spec Android phone (Xperia X10 Mini) and I want to replace it, my first thought being the Galaxy Nexus. I don't want to spend too much money on a phone such as LG Nexus 4, but also don't want to fall behind on the updates...

Do you think that updates will keep rolling out for the Galaxy Nexus, or do you have another suggestion for a good mid-range Android phone?