It's hard to advise as what's most important for me may not matter so much for you.
From what I can see, the Sony's a pretty good phone and has a few advantages over the N4 - removable battery, SD card, more storage, better camera (probably) - and appears to be available for around the same price.
On the other hand, the N4 has a marginally bigger screen, appears to have a better processor (quad instead of dual), has double the memory and of course, has the very latest version of Android while the Sony was launched with ICS and who knows how good Sony will be at keeping it up to date.
I have the N4 and I'm very happy with it. From what I can see, I'd also be pretty happy with the Sony. But that's just me: YMMV
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