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First app I rooted for was HD youtube over mobile network.
http://forum.xda-developers.com/showthread.php?t=1529715
Doesn't the Nexus 4 come with HD Youtube?

The must-haves I can think of at the moment are: wifi-tether, any good file explorer, and AdAway (possibly my favorite).
I've been able to make a wifi hotspot since before I rooted and it has been working perfectly. Do I really need a third party app for it?
What file explorer do you suggest? I have been using ES.
Someone suggested to me AdFree. Is that better or worse than AdAway?
You can tether stock no problem. As for a file browser i'm also using ES and when it comes to ad blocking i'd recommend AdAway. It works better than all the other programs I tried.
any different from AdBlock?
I've been able to make a wifi hotspot since before I rooted and it has been working perfectly. Do I really need a third party app for it?
What file explorer do you suggest? I have been using ES.
Someone suggested to me AdFree. Is that better or worse than AdAway?
Yes but only over wifi for some stupid reason. It has no option to play HD over mobile network. Not much use when your mobile connection if faster than your home broadband![]()