Google has finally started rolling out the Android 4.2.2 Jelly Bean update for the Nexus 4. Google had started rolling out the Android 4.2.2 update for the Galaxy Nexus, Nexus 7 and Nexus 10 a couple of days ago, but surprisingly did not roll out the update for the Nexus 4.
The Android 4.2.2 update is mainly aimed at fixing the Bluetooth streaming issues that have been plaguing the Nexus devices since the Android 4.2 update. Other changes include new notifications sound, improved performance and battery life on the Nexus 7, the ability to directly toggle Wi-Fi and Bluetooth from Quick Settings by long-pressing them, and tons of under the hood changes.
The update for the Nexus 4 also includes a new radio/baseband and an updated kernel that should greatly help in improving the battery life of the handset. The OTA update should be available to all Nexus 4 owners over the next couple of weeks.
If you have root access on your Nexus 4, you can download the OTA manually from here, and then flash it via a custom recovery.