Looks like there's some confusion on the internet as to which type of display is used on these phones. Usually gsmarena is accurate, they mentioned as IPS.
This screen has very good viewing angles and is power efficient thus consuming less battery power. This screen can also provide higher picture resolution.
Edit 1: Flipkart also updated the specs to IPS LCD
Issue is that LED notification light is missing, but again dew drop notches are the upcoming range and not possible to have LED light in such compact form.
And the two-step action to remove the notification from the drop down menu. One has to swipe and then press the delete option to remove the notification, i really hope its fixed via OTA soon, problem with ColorOS.