At first, I thought the exclusion of LTE was a major downfall of the phone. After I read about HSPA+ (I'd never heard of it prior to the LG Nexus 4 announcement), I didn't really consider it to be that big of a deal. (Note that I'm a Sprint customer and have no clue what LTE speed is like).
Being that inexpensive, and off-contract, is a major bonus in my mind. I have until 2014 until my Sprint contract is up. If I was able to end my contract with Sprint right now, I would. My ETF is around $175 IIRC.
I don't like that there isn't a removable battery though. That's my largest issue with the phone.