I don't think this is exclusively LG's fault. Google just did not order enough for the barrage of orders they ended up getting. Half of it because they were incompetent, and half was really just because they didn't really want to sell millions of this device at that price point. It was meant to be a teaser of some sort.
The things is, if it's true that the next Nexus phone will come out soon (regardless of who will manufacture it), I seriously doubt it will be priced as low as the Nexus 4. Just watch it, they'll upgrade the hardware to the newest and won't hold back on the features (LTE, etc), and put it up there around $450+ price level.
Full disclosure: I didn't get my Nexus 4 either. I had one in my cart multiple times, but ended up letting it go because I thought I didn't really need one at the time, and will wait a month or two until I'm ready.