It is a story about Google's astonishing indifference to the failings of the phone, and to its estimated customer base of ~400,000 users.
As is summarized in this blog post, Google is perfectly willing to RMA Nexus 4 merchandise for anybody who calls to complain about the phone's problems. All the while being fully aware that there is an open bug report about as-yet unresolved wifi issues with the phone. And half a dozen other open bug reports like this one on bluetooth problems with the phone.
It is pointed out in this blog post that Google owns both the hardware and the software for the phone. Third-party telco carriers are not a factor. The phone is an all-new Google design, which they contracted out to LG to manufacture for them. The OS is Android 4.2.1 - a Google product.
Why, then, has Google shown so little interest in resolving the phone's problems and getting a patch pushed out to the users? Is it, as that last blog post suggests, that they either can't, or don't want to fix the problem, and are preparing to abandon the Nexus 4 product line? Or is the company just demonstrating some pretty epic indifference to their customers? After all, the revenues generated by selling 400,000 phones can only represent a tiny fraction of their gross revenue stream.
Time will tell. If a fix for all the phone's problems eventually does get pushed out, then the worst we could complain about is Google's massively tone-deaf, unresponsive device support infrastructure. On the other hand, if the rumors that the phone's manufacturer, LG, has indeed shut down its Nexus 4 production line in preparation to produce "next-generation" phones, what will Google do?
I will be interesting to see what happens.