IMO, the Droid4 is not really worth $200 unless you absolutely need a great hardware keyboard. It's keyboard does kick ass.
But if you dont care about the keyboard I would really recommend passing on it and going with the Galaxy nexus, Rezound, Razr Maxx or LG Spectrum. I'd rather have any of those phones than a Droid 4.
(Bonus: I think all of those phones are cheaper than the Droid4 as well)