Xiaomi Phone is in stock now! 

Specification

Model: Xiaomi MI-ONE C1

Carrier: Unlocked Android smartphone
Phone Style: Bar, touchscreen, 4.0 inch multi-touch capacitive screen
Operating System: Android 2.3 OS, will update to Android Ice Cream Sandwich OS (Android 4.0 OS) at Jan, 2012
Processor: Dual-core Qualcomm MSM8260 1.5GHz

Display
Screen Size: 4.0" touchscreen
Display reulotion: ASV SHARP TFT screen, 854*480, 1080P video playback
Color Support: 16 million colors
Screen Technology: Multi-touch screen, capacitive

Camera
Camera Resulotion: 8.0 megapixel CMOS, 720P video record, auto focus, digital zoom, LED flashlight

Connectivity
Connectivity Technology: GSM + WCDMA 3G network

Network Band

2G：GSM 900/1800
2G：CDMA1X 800/1900
3G：WCDMA 900/2100
3G：CDMA EVDO 800/1900MHz

Data Technology: GPRS / EDGE / HSPA+
Bluetooth: Bluetooth 2.1
WLan: Wi-Fi IEEE 802.11 b/g/n
USB: USB 2.0
GPS: GPS/A-GPS

Features
Video Player: AVI、MP4、3GP、MOV、MKV、FLV
Audio Player: FLAC、APE、MP3、OGG、AMR、AAC
Image: JPG、PNG、BMP、GIF
Ringing Tones: Downloadable
Message: SMS, MMS, Email
Phone Book: More than 10000 contacts
Brower: HTML
Game: Downloadable, Google Market
Radio: FM Radio
G-sensor: Yes
Interface/Port: 3.5mm earphone jack / mini USB

Battery
Battery: Li-on battery, 1930mAh
Standby Time: 100-150 hours

Memory
Built-in Memory: 1GB DDR2 RAM,
Memory Card: Support microSD/microSDHC memory card, up to 32GB 

Size
Dimensions:125 * 63 * 11.9mm
Weight: 105g

What in Package
1 * Xiaomi MI-ONE C1 Android Phone
1 * Battery
1 * Travel Charger
1 * USB Data Cable
1 * Headphone
1 * Manual (Chinese)

Relative Review Links 
1. Xiaomi phone review by Engadget
Having used the Xiaomi Phone for over a week, it's definitely left us a great impression: nice build quality and top notch specs for a $399 device. Our new favorite phone from the Far East also differentiates itself from other Android devices with nifty and unique features, though the enthusiasts are more than welcome to flash other ROMs as well. However, good luck with finding this phone -- though given that 300,000 units have already been pre-ordered, we wouldn't be surprised if a few of them slip through the Great Wall.Read more... 

2. Xiaomi phone hands-on with video by Engadgets 
3. Xiaom phone hands-on: dual partition system explained (video)