I'm only hoping for one Nexus phone as well because I personally don't think proliferating the Nexus line is good for its branding. Not to mention the mess it might be when it comes time to updating. Imagine getting updates out across five different devices? It would be a very slow, potentially painful process. That's without mentioning that the updates have to roll out to Nexus 7 and possibly N10 devices, the Galaxy Nexus, and maybe even the Nexus S.
I also think in terms of branding, Google needs to keep the Nexus line simple. The Nexus 7 is the prime example. Super simple, super easy to purchase, couple of configurations, and that was it. Easy to brand, easy to market, catchy name, and easily recognizable. I'm honestly amazed by how many "average" non-techy people I know that know of the Nexus 7.
Anyway, I'm also excited for 4.2 features, though I'm not expecting much. I hope they fix the few glitches the keyboard still has.
I'm also concerned about the hardware if it is an LG device. Early impressions of the camera sound moderately better than the Galaxy Nexus only, but still behind current camera-quality. That's VERY disappointing considering the GN's sorry excuse of a camera. Why Google would keep this trend going is beyond me.
I'm also hoping a 32 GB storage size out of the gate.
C'mon, Google.