Its not about hype its about demand, demand from people that dont want carrier tie ins and bloatware, that want a phone that is half the price of its rivals (assuming your are not a mentalist and pay some Ebay douche twice the list price for one)
I am annoyed at the way Google have handled this though and the skeptic in me thinks it has been handled this way to cause exactly this, forum posts, debate, news coverage on lack of supply etc, so if there is any hype about this phone it has been created by Google.
Lack of LTE is no issue for all the reasons already mentioned, neither is memory card, the amount of time my memory card has messed me about thats a good thing to be honest.
I think for people that like the gloss the locked in phones off they may find the simplicity of the software on the Nexus a little boring, that said there is the other camp who hate all that stuff and want a totally uncluttered experience and thats your choice.
The thing is get a nexus, root it and pick your ROM
I am more annoyed at Google and was going to pick another phone however I am now going to wait even if it takes a few months to get the phone, I only ever change a phone every 2 years anyway, I can wait..