Recs.
Updated
Specs
Pros
Pro Amazing performance
With a Snapdragon 820 processor accompanied by 3GB of RAM, the Mi 5 is extremely snappy 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. However, this uses a lower binned Snapdragon 820 processor (it will have slightly lower actual clock speeds than other Snapdragon 820 processors found in more expensive phones).
Pro Good camera for the price
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 Great display
The compact 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.
Cons
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.
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.