What is EFS/IMEI ?
Every Phone has a partition which contains data relating to your IMEI ,radio settings,data profiles etc.. This in particular is famous with Samsung devices which have the root /EFS folder and which is higly recommended to be backed up before flashing any Custom ROMs..However there is a common misconception that there is no EFS partition for the Nexus since there is no root /EFS Directory and everything is contained in dev/blocks ..
On the Nexus 4 the IMEI info is stored in the three blocks
m9kefs1 (/dev/block/mmcblk0p8)
m9kefs2 (/dev/block/mmcblk0p9)
m9kefs3 (/dev/block/mmcblk0p10)
These blocks contain all the IMEI info pertaining to your device.This data is highly Device specific that means each device has a different data in each block unlike the blocks for recovery,boot which are common for all . So EFS/IMEI of your device is Unique to your phone itself and hence it is necessary to backup your EFS.
WHY BACKUP EFS ?
1) Some points have been covered in the What section itself ( Unique to each device, important data)
2) Sometimes during a flash or even otherwise there is a bad block in your partition which corrupts a part of the EFS/IMEI partition . You are left with nothing but a dead weight you can use as a tablet without calling features.This makes it essential to backup your current partitions to flash the same if ever the same problem occurs with your device.