I had bought Nexus device so that I get regular updates from Google and dont have to worry about hacking the phone to install other ROM. But finally I was wrong, Google Kitkat 4.4 upgrade is very battery intensive on Nexus 4 device. Hence I had to install a custom ROM which has help me to last the charge for full day.
After considering a lot I have installed SlimRom beta Kitkat 4.4 with Slim minimal gapps. This has made the phone quicker plus now I am getting quite good battery life too.
Also some of the features added by Custom Roms are quite addictive. Like better control of the system and you can tweak almost any setting you need.