It'll be fine, Tony. Many people hang onto their old phones to use as PMPs. Basically without the SIM they're just like an iPod Touch. You can still do everything you need to as long as you're connected to WiFi.

Which is fine, because you really want to do all that initial setup over WiFi anyway, since it'll be faster to download all the apps and re-sync your email/calendar/contacts. It ends up being a good bit of data.

I'm really jealous of you. I'd love to get an N4, but at this point I might just stick it out. I'm still on my contract for my Galaxy Nexus, and while I know the N4 is a nice step up from my phone, it's not worth the cost of the phone plus the ETF. Hopefully by the time my contract is running out, there will be a real Nexus successor for me to jump to, and not an overpriced Samsung product...