According to the source, which claims to have acquired its information from a person who's close to Vodafone, the device in question will feature a big 4.7" display with very high resolution, sporing quality and detail close to that of the iPhone 5's Retina Display. Apparently, this matches the description of the recently-announced LG Optimus G, so what we're dealing with here might as well be a version of that very same phone. Whether the LG Nexus phone will be a version of the Optimus G, or a more differentiated handset remains to be seen, but it does make sense for Google to use LG's Optimus G as a template. After all, the Koreans' smartphone will have the best in terms of hardware once it ships in a month or so.
However, one of the cooler things going for the Nexus phones so far was that they were somewhat exclusive, or at least not as easy to come across, yet they were powerful Android smartphones. If the rumors about Google looking to expand the line-up with multiple launches this year turn out true, that might easily reduce their awesomeness a bit.