I just bought a Galaxy Note 2 last week; now that the Nexus 4 is released, it has made me really question whether I should return the GN2 for the N4. There are a few reasons I decided against it:
1. I *LOVE*LOVE*LOVE* the 5.5" true RGB AMOLED screen! Sure at least one person here is whining 4.7" is too big, but the GN2 fits in my pocket fine, though holding it one-handed can be tough without a case (it's slippery like most modern phones). In any case, this is the #1 reason I bought it and I think I'll have a hard time buying something smaller in the future.
2. All (recent?) Nexus devices have no SD? What's up with that? I agree with everyone else, this is sort of a deal-breaker, and the main reason I never bought the Galaxy Nexus. I do *NOT* want to have to store my crap in the cloud.
3. Not really Nexus, but vs LG, HTC, etc, no removable battery is a total deal-breaker PERIOD.
4. GN2 has 4 cores and LTE built-in, even on the T-Mobile USA version (which future-proofs it from a network standpoint); only the "international" (unbranded) version is lacking it. That said, unless you're tethering, I don't think HSPA+ 21Mbps is going to be that bad unless you're in a fringe area, which LTE handles much better, supposedly (and LTE-Advanced should do better still). Galaxy Nexus, Nexus 4, and "international" GN2 all have pentaband radios as well, meaning they should support GSM and HSPA+ on every band in the world except 12cm (2600 MHz used for Sprint/Clearwire here in the USA, also Telstra down under according to Wikipedia) and 700 MHz (Verizon and AT&T in USA, but they're only putting LTE there so it doesn't matter).
Now, the one iffy part is Nexus is, by definition, open--what the whole article is about--and the GN2 is not. Being Samsung, rooting should be easy on the GN2, and with Exynos open sourced (still a bit in shock over that, but not as much as Broadcom and the Raspberry-Pi's chip!), hopefully CyanogenMod will be available soon, though I'll probably wait until the warranty goes first.
One last thing: I'm coming from my N900 and I'm still not sure I'll be selling it. I've read numerous times that Android appears clunky compared to Maemo (which is Debian-based), though Jelly Bean is better: after playing for a while, I agree, but it's certainly not horrible unless you're a dev, I suppose. My main worry with Android is security: that you can't revoke app permissions in stock Android and you pretty much have to root. It's not a huge problem for me because I don't trust carrying around Google Wallet and NFC along with lots of personal stuff without much better security, but it's painfully clear that they want to track you: I mean, the Accuweather widgit on the main window won't even update unless you turn tracking on!
I know this is overly-long, but hope it helps someone.
Mike