Turning off Bluetooth or stopping the audio does not fix the problem once it occurs. Only solution seems to be a reboot (and maybe waiting an hour or more but not positive).
Nexus 4 with OmniROM ROM and kernel. Happens on both Dalvik and ART. Latest nightly Feb 9, 2014 and also noticed it in previous week of nightlies.
Update: This only occurs if I manually sleep the display with the power button. If I let the display timeout and go to sleep automatically then the screen turns on instantly like normal.