Originally Posted by fateswarm
Error in title. I meant ~4.5''.
Well I'd suggest the Nexus 5 if you can up the ante. I have one myself and I feel that it's the perfect size for my hand, it's nice and lightweight and it runs stock Android and gets updates first as well as being guaranteed updates for 18 months or so.
The only downside is the One+ has 1GB more RAM, a bigger screen (I personally think it'd be too big) and a better camera. But the One+ is invite only and it's a new sort of lesser-name brand over the Nexus 5 so support on the Nexus would be better.
That and I REALLY personally prefer stock Android over anything else, mind you the Cyanogen mod on the One+ is nice too.