I think you will be presently surprised on the size of this phone as compared to the bionic/vigor or any other 4" pr 4.3" device. I don't say that from any actual knowledge, I just don't think they would let a Nexus phone hit the market if it was absurdly sized (they would have gone with a 4.3" if they couldn't make the 4.65" work and look sexy at the same time).
I really think that for a screen to look bigger to a consumer, it will need to be wider and my guess is that a majority of the increased diagonal area will come in the form of length, not width. But of course the increase will have to be proportional to maintain aspect ratio.