Is the Nexus 4 really the best all round phone?

I'm considering buying the Nexus 4 for £100 on an £18 a month 24 month contract on O2. But I've been noticing that there are lots of downsides to buying the phone; sure, it's fast, and it'll get updates straight away, but the camera is pretty terrible, the back breaks easily, it's only 16GB (I could get a One X+ for the same price with 64GB), as well as various other reports of problems with the device. Is the Nexus 4 really the best phone I can get for that price?