Hey, sorry to forget mention about Xiaom MI-2. We have many chances to use China smartphone/tablet here in Hong Kong. I've to say it depends on your usage.
They are general powerful on hardware and cheap at price because they cut the cost from software development. You have no chance to get a stock rom close to the HTC/Samsung/Sony level, don't even to think get as many updates as HTC. So, the performance totally depends by custom roms and flash rom is almost a necessary on China stuffs. I see Xiaom MI-2 got a dev broad on XDA now.
If you are going to use it with only some general apps and not a heavy usage user, the stock rom may works fine and China stuffs almost never come with google playstore and map and others google apps, you have to get root access and install them by yourself. Not sure about Xiaom MI-2.
Many people view this phone as another cheap china phone, but I think it deserves a lot more credit than that. There are reports Xiaomi will bring the MI-2 to the US market this year, and is getting a lot of support all round (did i mention Qualcomm is one of the biggest investors?).
I don't want to sounds like this is the best phone on the market or that I'm completely sure I'm going to get one, i just want to raise it out of the budget phone segment.