It took 34 days to get a refund from Google Play Store.
In case anyone was interested, I'd like to share my experience with purchasing and returning the Nexus 4 device from the Google Play store. We all know about the chaos Google Play Store had during launch but if you think that was a mess, returning the device is just as worse.Long story short, I had purchase the device, returned it back in perfect condition just a few days after receiving it. The device was returned to one of LG's facilities a few days after. I waited the recommended 7-14 business day processing period then decided to talk to a representative. When I spoke to the representative, they told me that they since they are new to retail that they are still sorting their pipeline out. All they could offer me is "to resubmit my request as priority". 12 emails and 3 phone call later, I finally talked to someone that could help me only after refusing to hang up the phone until I received my refund.