The Nexus 4 will be supported by Lollipop. Galaxy Nexus was going to be supported by Android 4.2 (I was really annoyed that it wasn't!) but the fact that it's

The Nexus 4 will be supported by Lollipop. Galaxy Nexus was going to be supported by Android 4.2 (I was really annoyed that it wasn't!) but the fact that it's not has to do with TI refusing to update their closed-source drivers for their OMAP 4 chip to be compatible with the Linux kernel used in 4.2. By the time people figured out how to update them, Google had given up on providing support. I'm still pissed about that.