The Mi3 (a three short from Mi6 ed.) is a 5-inch 1080p phone with 441ppi and a 1.8GHz clocked Tegra 4. It comes with 2GB RAM, 13-megapixel camera based on Sony’s Exmor RS 28mm wide angle and storage that goes all the way up to 64GB. The dual LED flash come from Philips. The display can be operated with gloves on, which is not something that you see every day. The phone is 8.1mm thick and it hides a 3050mAh battery that should provide ample juice for this device.
There is also an alternative version of the phone that is based on the Snapdragon 800, that is better suited to networks outside China due to superior 3G support and the fact that it has 4G on board. Let me remind you 4G is still not a big deal in China and therefore this phone most likely doesn’t have to have LTE to be successful. However, in western markets it does. The Snapdragon 800 version of phone comes with the 8974AB processor, supports WCDMA and works at 2.3GHz.
The interface on the phone is heavily customized MIUI V5 and it has not been mentioned which Android version comes at launch and since this is a phone for the Chinese market it won't support US LTE standards, but it might work with some EU HSDPA+ networks at least in some cases.
The price is astonishing as Xiaomi, plans to sell this unlocked and unsubsidized phone for $327 (1999 yuan) which is roughly half what big brands charge for similar devices in Europe or the US.