First and foremost, I believe the most common alarm set up is a repeating Monday-Friday (weekday) alarm. This in itself makes it desirable to make such an alarm say "Every weekday" rather than "Every Mon,Tue,Wed,Thu,Fri". Secondly, listing every day of the work week collides with the time of the alarm on the Nexus 4. (Sorry for some reason my device will not let me take screenshots at the moment).
I believe for the two reasons stated above a "weekday" alarm should be added just as we have a "daily" alarm. This can be done outside of the SDK since the values for the days of the week are simple bit masks.
To reproduce:
1. Navigate to Alarm tab
2. Open toolbar and select "Add alarm"
3. Set alarm to a time in the future
4. Turn on "Repeats"
5. Click on "Occurrence"
6. Select only Monday, Tuesday, Wednesday, Thursday, and Friday.
7. Open toolbar and select "Save"
8. Note that the new alarm says "Every Mon,Tue,Wed,Thu,Fri" underneath the alarm name and that it overlaps the alarm time on a Nexus 4.
Desired result: The new alarm reads "Every weekday" underneath the alarm name and that it does not overlap the alarm time on a Nexus 4
The issue of the list every day of the week colliding with the alarm time has been reported at bug #1284564.