It would be nice to have a low cost HDMI on the RPi. So far, I seldom use the HDMI port - as I run VNC to access the PI from a PC or laptop, or my Android tablet.
But the 4" looks appealing.
It depends on what you want to use the monitor for. I have the 2.8" PiTFT from Adafruit (320x240, resistive touch), and it is nice for my 'Cambridge' camera (Raspberry Pi + PiTFT screen + camera) inside of a Polaroid 95A body, where I'm only running the camera software (the version I'm running from Adafruit is hardcoded for the PiTFT display).
However, it is rather small for text type work. So, I bought the 5" HDMI waveshare monitor (800x480, resistive touch). As I mentioned, Pi-land is undergoing a disruptive change right now, and I had to figure out how to get the touch drivers to work with the new device tree. I figure in a few months, all of the examples will be updated, and people won't have to dig as much. However, in using the 5" monitor, it is better than the PiTFT, but I do have to have the monitor fairly close to see it. More things will work at 800x480 than 320x240, but the wireless configuration menu in in X wants a larger screen and doesn't have a scroll bar. For the Cambridge camera, the 5" screen is about the biggest that will fit in the Polaroid 95A. The 5" monitor uses HDMI for the display and the SPI pins + gpio 24/25 for the touch screen, and it sits on top of the Pi with a special hdmi cable like the PiTFT displays.
I've been thinking of making a tablet for use when I'm traveling and the laptop is just too big. I originally looked at 7" screens for the Pi, but I decided to go instead with a Dragon Touch 8" tablet (1280x800 IPS), which is self contained. I don't have to build a case to contain all of the wires from the normal DIY 7" lcd. I also don't have to deal with 12v power (when you jump from 5" to 7", the monitors tend to want 12v power, since the assumption is the main use is for car backup monitors and child video monitors, and you have convenient 12v power).
That being said, the 7" HDMI waveshare monitor is nice in that it uses USB for the touch screen, but it is 'only' 800x480, so it gives me a bigger screen, but no more resolution than the 5" monitor I have. As far as I can tell, the 7" monitor uses USB power and not 12v. They must have just released the 7" display. I don't recall it the last time I was looking for displays (or the ebay resellers I was looking at don't yet carry it).
Note, the Waveshare 4" LCD does not use HDMI, it uses SPI to drive the screen, so if you are doing something video related, you won't get a high frame rate. The 2 5" displays that waveshare makes (the one that I have that is made to sit on top of the Pi, and plugs into the first 26 pins, and the other one that uses USB for touch screen) do use HDMI.
Of course since the 4" LCD uses SPI, I imagine with some amount of hacking, you could get the Teensy to support it.