It was bound to happen, but nobody expected it this quick. Owners of the Google Galaxy Nexus who are crying over being abandoned by Google have no real reason to worry, for developers over at XDA forums have already managed to port Android 4.4 KitKat, and the current state of the ROM is more than just functional. Except a few minor glitches (rotation, for example), Android 4.4 is running smoothly on the Galaxy Nexus.
Perhaps you are wondering, why did Google abandon support for the device. Well, the Galaxy Nexus features a Ti OMAP chipset, and since the company is no longer in action and the chipset doesn't receive support in the form of source codes, development becomes very difficult. Even so, the company supported the device for nearly 24 months before abandoning it. At least Android 4.3 runs pretty and well on the first HD Nexus, unlike how iOS 7 behaves on the iPhone 4 (and 4S).