That said, imagine the world was sane and how it could be upgraded: they could reduce the size of the bezel, give it a more efficient processor and better battery life. It wouldn't take much, but it seems like the only reason we can't have good things today is that it isn't profitable enough.
Somebody should do an open-hardware clone of the N4 form factor.
On the other hand, I agree with you that there's plenty of room for improvement on the N4. But I don't think I've seen a significantly better phone. Certainly every phone I've had since then (and I'm careful to choose phones that meet my needs, not go for the flashiest model) has been worse.