Can you use the Nexus 4 without a SIM card? I currently have an iPod Touch, I want to buy the Nexus 4, but don't want to get a plan (SIM Card) for a while. Will the device work like an iPod Touch/ Wifi capable, but no access to data away from Wifi/Call/Text.
Yes - all android devices will work without a SIM card, and can be connected to wifi for an internet connection.

EDIT: Just so people know, there is a setting in the build.prop file that determines whether or the not the device can be used without a SIM or not.

Most of the time this is set to allow it, however in rare cases it may be disallowed.