I'm currently running Elemantary OS on a Medion E1210 (Akoya) netbook as ubuntu became too heavy. The netbook has been upgraded with a 128GB SSD from Kingston and is operating very smooth considering the limited cpu. One small problem remains: my Nexus 4 only mounts as a "Media Transfer Protocol' device (MTP) instead of the classical USB Mass Storage device.
Luckily, it's very easy to add MTP support to Elementary OS by executing the following commands in a shell :
sudo add-apt-repository ppa:langdalepl/gvfs-mtp sudo apt-get update sudo apt-get upgrade
After reboot, the nexus 4 was mounted properly.