Looks like a great phone. If you ignore the listed $641 price tag :\. The phone will be available in three colors (black, white, and gold), and the specifications should prove competitive with other flagship handsets on the way, including the upcoming Samsung Galaxy S7:

Display: 5.2 inch, 2560x1440 Corning Gorilla Glass 4 (565 ppi)
    CPU: Qualcomm Snapdragon 820 Quad Core SoC clocked at 1.8GHz
    RAM: 4GB
    Storage: 16GB or 64GB
    Camera: 8.0MP front camera + 16.0MP 6 element lens, f/2.2 aperture back camera, dual LED flash
    Fingerprint recognition integrated in a physical home button
    NFC, Wi-Fi 802.11a/b/g/n/ac, Bluetooth: 4.0
    Dual SIM

The Mi 5 will come with a relatively big 3600 mAh battery, and one of the benefits of integrating the new Snapdragon 820 SoC is the ability to shoot 4K video in both H264 and HEVC formats, with the latter making it easier to cram your ultra high definition videos on the internal storage, especially since the Mi5 doesn't seem to offer a microSD slot.