After using it for the last 3 days, these are my personal "reviews" of the Redmi. Note that I'm predominately a IOS user, but I have owned a S3 before.
Pros:
1. Screen is indeed very sharp and crystal clear
2. Despite only having 1G ram and powered by Mediatek instead of a much faster Snapdragon, its actually quite responsive.
3. Camera is surprisingly good. It excels in shots with sufficient lighting. Using iPhoto to review on my MBP, its as good as those taken with my iPhone 5S. It shouts clarity.
4. Themes: I'm not really into this .. but I'm sure some of you would be spending hours exploring the vast array of ready-made themes.
5. Speaker: good (and loud) enough
6. Price: Dual sim, expandable memory .. Its cheap. Nuff said
Cons:
1. Weight: Its very heavy for a 4.7" phone. It made a big difference especially when you put the phone in the shirt pocket, which you can feel the heaviness of it.
2. Batt life: I do not have any actual data to justify this. But i personally feel it drains faster than my previous 5S. I've already turned off ALL auto-sync options.
3. Camera: Despite having a aperture of 2.2, its horrid in low light conditions. I'm not a fan of using flash for shots, and the results and also speed do pale in comparison.
4. No BLE Bluetooth Low Energy 4.0: In short, my wearable tech will not work as they require Bluetooth 4.0.
Conclusion:
For $169, its a no brainer to grab one. Cept i think this is only the beginning of more bargain budget phones to come.