Rinse, I have not rooted my Nexus 4 yet. Still running stock.
I agree the colors seem a little washed out at first versus the Iphone, but you get used to it. I enjoy the better screen size on the Nexus 4 though. The Iphone 5 is 16:9, but it feels wrong because the screen looks stretched out. It is too long and too thin.
I flashed the latest franco kernel and my battery life is improved already. Still running stock rom though.
I also played around with some settings and now able to get 4G/LTE with the Nexus 4, amazing. Apparently you can only do it on Canadian networks (might be doable on select US networks)