Here is the real reason why it does not include a memory card
Ok here is the thing. There can be no logical explanation for not including LTE and
SD card support. There is simply none. Except that they wanted to keep the costs low and ensure that people who have more need would buy the 16GB edition (today). They would launch a 32 and possible 64GB edition at a later stage to give the sales a boost again. It is basically a marketing decision.
Lack of SD card has never stopped an
Apple fan to go for an
iPhone. My sister in law is more than happy with her 8GB iPhone 3GS even though she ends up with lack of space every second week when she has to redo the organization of
music on her phone.
Google needs to make money on the Nexus 4 and the only way to do is to get more people to buy the 16GB version. The 50 dollar extra for 8GB storage is where they manage to extract some profit margins. The 8GB edition is probably being sold at very little profit (or none at all).
If they had included the SD card, few people would go for the 16GB model. That would hurt the profitability of the devices as 8GB model would be picked up by almost everyone.
They cannot admit this publicly but this is the same reason why Nexus 7 does not include a memory card. This is the same reason Apple does not including memory cards as well.