specifically the camera, display, and processor. Also do you guys think the nexus 4's 768p display is still comparable to today's 1080p offerings?
In terms of the 5s, the Nexus has a 4.7" screen vs 4.0". PPI is almost the same on both. So unless you are judging the screen by something subjective like how well it fits in your hand, the N4 (barring some terrible quality) is better. It's like a 40" TV vs a 46". Unless one has real issues, the bigger one will be preferred by almost anyone.
Camera, the iPhone is generally regarded as better. However, Android keeps bringing better stuff, like HDR and photo sphere with 4.2. Kit Kat may have some improvements as well, we don't know. You already know what is in iOS7, though.
CPU, Apple is selling a phone at $650-850. Google is selling a $200-250 phone. Apple can spend more on the CPU. And it's a year-newer tech. The "3DMark" benchmark puts the 5s ahead of the N4. Though not by a ton. The N4 hammers the 5, though, for some perspective. The N4 does have 2GB of RAM though, vs 1 for the 5s.
On 1080p phones, obviously more pixels will look better, again unless one screen is really messed up or something (all else reasonably equal).
However, you are talking phones with similar hardware and batteries. More pixels means more battery burn when the screen is on. And it means the hardware has to work harder to draw all those pixels. The 720p screen will have an easier time looking "smooth" than the 1080p screen when the hardware gets taxed. Something like the Snapdragon 800 shouldn't have any issue overcoming that. But something like the S4 vs N4, I imagine at native resolution the N4 could do better frame rates.
It would be silly to suggest the N4 is the best phone that will ever be made. Phones are better. But right now for the price, it doesn't seem like anything out there compares.