Xiaomi Mi 5
This phone isn't going to be sold in Western markets. It is available in China, and you may be able to import it at a fair price in the future.
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Pro Amazing value for money
While vendor prices vary, the base (32GB) model will cost about $305USD, while it carries many of the same internals as $700 or $800 phones.
Pro Top-notch performance
With a Snapdragon 820 processor accompanied by 3GB of RAM, the Mi 5 flies in terms of performance. Quick app launch times, high framerates while playing games, fast multi-tasking performance...it's all here. This is remarkable performance for a $300ish phone
Pro Acceptable camera
While the 16MP f/2.0 camera has OIS and 1.12 µm pixels, it can't go head to head with other major phones launched in 2016 - or even 2015 (well, perhaps it beats the HTC One M9). However, it is significantly better than any other camera found on any other phone around $300.
Pro Excellent battery life
GSMArena has rated the Mi 5's battery life at 92h - 30% longer than the average. It is sure to last a full day every day, and if you are a light user you could likely make out a day and a half of use before needing to top it up.
Pro Great display
The small 5.15" display has a resolution of 1080p, and uses IPS display technology. It provides good colors and viewing angles, while being able to produce brightness up to 600 cd/m², which is really good for a phone. The pixel density is 428ppi which is great, even though it isn't a 1440p panel. The screen takes up 73.1% of the front of the phone.
Pro Simple design
The rear glass panel is curved so it fits more comfortably in the hand. This is similar to the Galaxy S7 and Galaxy Note 5, however Xiaomi started this two years ago with the Mi 4.
Pro Universal remote
The Mi5 has an IR blaster which can act as a universal remote. It can interact with the TV, air conditioner, or any other appliance which uses a remote control.
Con Hard to get
You need to order from Asia, or import the Mi 5.
Con Heavily skinned softare
The Mi UI software installed on the Mi 5 may or may not have Google's apps and services available depending on where you buy it from. Even if Google apps are installed, the default launcher is pretty basic. Also, the Chinese software allows some apps constant server connection which may reduce security as it could offer a way for malware to have a constant outside connection.
Con May be incompatible with some networks
The Mi 5 is primarily made for the Chinese market, which means that it may be incompatible, or not fully compatible with most LTE networks in North America and Europe. WillMyPhoneWork is a good website to check international compatibility.