oh come on, you wouldn't pay the extra $50 for the display/battery/camera improvements? and there's the pen. nexus obviously has some differences which you may prefer (stock, bigger screen, speakers), but there's no way the nexus hardware is priced as competitively as the note 4.
I personally would, someone else may not care so much about those things but would care a lot about the cheaper price, stock, bigger screen, getting android updates faster or the speakers, so you can't really say that it isn't priced as competitively. They each have their strengths and weaknesses.