The phone really isn't
that big. In fact, it is much slimmer/thinner than the Incredible and newer phones including the HTC EVO 3D, HTC Thunderbolt, Motorola Bionic, and even the brand new iPhone 4s (which is a 3.5" phone!!). The Razr is .03" slimmer however.
It also isn't much bigger in terms of width. All of the 4.3" dual core phones are
at least 2.6" wide and the Galaxy Nexus is only 2.67". The Bionic, Evo 3D, and Razr are ALL over 2.6" wide and the Razr is largest at 2.71".
The biggest change is in the length, but since it goes in my pocket, thinness and width is most important so it isn't much of a con for me.
Also, the 4.65" detail is throwing everyone off because they don't realize that the dimensions aren't much different than the 4.3" phones and that they were able to squeeze more retail screen thanks to ICS (no more physical menu buttons) so we aren't comparing apples to apples.
I've had the Incredible for a year and a half and thought that I would never want a bigger phone. This was perfect. Now that I have learned a lot and have sooo much capability in one little device, I've been dying for a bigger screen (especially for internet browsing and typing).
Here is the proof: