The specs seem reasonable for the price. Also interesting from a development and support point of view - it wasn't that long ago that low end Android phones still had 480x320 (e.g., Samsung Galaxy Young), and such phones are still on sale today. The installed userbase moves slower, so there are still phones at 480x320 or even 320x240 in use. So it's nice that for anything on Nokia X, we have an absolute minimum of 800x480.
I tried the UI out in the Nokia X emulator, and it seemed nice.
It will be interesting to see how many Android applications Nokia X launches with from Nokia's own Nokia Store. They seem to have done the cunning move of partnering with 3rd party Android app sites to port apps - I got an email telling me they'd already ported my apps, and they were ready to publish.