Here's a quick look at the features:
-3.5-inch capacitive touchscreen (480x320 pixels resolution)
-1GHz dual-core Cortex A7 processor
-115MB internal memory (expandable via microSD up to 32GB)
-2MP rear camera, VGA front camera
-EDGE, Wi-Fi, Bluetooth (no 3G)
-1450mAh battery with 6 hours talk-time, 200 hours standby time
-Android 4.2 Jelly Bean
It's actually not a bad-looking device for its price, but the low memory is a cause for concern. In our experience, phones with less than 512MB of RAM struggle with multi-tasking, and 115MB internal memory is going to cause problems in downloading apps.
Still, it's giving you the latest flavour of Android and a dual-core processor for an unprecedentedly low price, so you can hardly complain.
But we would like to hold off on passing judgement till we get our hands on this phone. We'll be getting the device, so a review should be up soon.