If you've been looking for an easy way to not only root your Nexus 4, but backup your device and tweak its settings, the program you need is the recently released Nexus 4 Toolkit that, put simply, does it all.
The announcement post on the xda-developers forum contains an extensive list of instructions as well as a comprehensive FAQ for the curious. The download for the Nexus 7 Toolkit is around 33MB and appears to be Windows-only.
As mentioned in this AddictiveTips post about the application, rooting the Nexus 4 requires a little work, so having a more straightforward method available is great.
Here's an unedited list of the toolkit's capabilities, direct from xda-developers:
FUNCTIONS OF GOOGLE NEXUS 4 TOOLKIT V1.0.0 [17TH NOVEMBER 2012] * Install correct adb/fastboot drivers automatically on Windows xp/vista/7/8 32bit+64bit * Backup/Restore a single package or all apps, user data and Internal Storage * Backup your /data/media (virtual SD Card) to your PC for a Full Safe backup of data * Unlock/Re-Lock your Bootloader * Root Stock Jelly Bean builds (upto 4.2.0 JOP40C) * 1-Click For All to Unlock, Root, Rename the Restore File * Perform a FULL NANDROID Backup of your system (Boot, Cache, Data, Recovery and System) via adb and save in Custom Recovery format on your PC which can be Restored via CWM Recovery * Pull /data and /system folders, compress to a .tar file and save to your PC * Dump selected Phone Partitions, compress to a .zip file with md5 and save to your PC * Install BusyBox on your phone * Extras, Tips and Tricks section available to all ToolKit Donators * Auto Update ToolKit to latest pushed version at startup (donator feature) * Program up to 10 Quickpic slots and run them very quickly (donator feature) * Mods section to automatically perform certain tasks on your phone * Download Google Stock Image directly to correct ToolKit folder for extracting and flashing (no need to move it manually anymore) * Flash Google Stock Image to phone * Rename the Recovery Restore File present on some Stock Roms * Boot into CWM Touch Recovery without Flashing it * Boot or Flash .img Files directly from your PC * Install a single apk or multiple apk's to your phone * Push Files from your PC to your phone * Pull Files from your phone to your PC * Dump selected LogCat buffers to your PC * Dump BugReport to your PC * Set Files Permissions on your phone * Open new Command Prompt for manual input * Reboot Phone to Fastboot Mode or Android from fastboot mode * Reboot Phone to Fastboot Mode, Recovery, Android or Download Mode from adb mode
There's also a "donate" version that does everything the free toolkit does, with the addition of an auto-update feature, a "tips and tricks" section and "Quickpic" slot customisation.
[NEXUS 4 TOOLKIT V1.0.0] Drivers, Backup, Unlock, Root, Flash, Mods + MUCH MORE [xda-developers, via AddictiveTips]