Had mine for a few weeks, overall a positive impression but with a few caveats:
1. Bluetooth - as said above, MTK bluetooth stack can crash and the only cure is a reboot. Same with my phone which as MT6589 processor.
2. Plugging in any USB lead that isn't powered causes the watch to shut down, so I can't use a USB headphone adapter to listed to music or the radio.
3. Phantom screen presses causes random actions. I have it configured to show touches and sometimes I see two spots on the screen that cannot be cleared without pressing the side button (to shut off the screen).
4. Maybe linked to the touch-screen problem above, sometimes the down swipe used as "back" is misinterpreted as a click, causing annoying actions.
5. It's a bit thick meaning it won't go under a shirt cuff, so is exposed (and on show) all the time. Not a good look!
6. Notifications are a not well done, especially for Whatsapp, but I think that is a fault of the application, not the phone.
7. Obviously, due to the size of the screen, keyboard input is a nightmare.
8. The camera has stopped working.
On the positive side, having alerts on the wrist is very useful, which it does well (as long as bluetooth is working). I even got BBC iPlayer working well on it, realising a lifetime dream of having a television on my wrist!!
I've applied the latest MLais firmware to it, can't tell the difference but am now on 02_sw_jh_mlais_20140718 which I have uploaded to needrom here: http://www.needrom.com/download/mlais-watch-2/