
Xiaomi MI-2, successor of first MIUI Phone has been announced in China. It packs in high-end specs such as 4.3-inch (1280 x 720 pixels) IPS display, 1.5 GHz Qualcomm Snapdragon S4 processor with Adreno 320 Graphics, 2GB of RAM and 2000 mAh battery with optional battery pack of 3000 mAh. It runs on MIUI ROM based on Android 4.1 (Jelly Bean).

Xiaomi MI-2 specifications
4.3-inch (1280 x 720 pixels) IPS display with 342 PPI resolution
1.5 GHz Qualcomm Snapdragon S4 processor with Adreno 320 Graphics
Android 4.1 (MIUI ROM)
10.2 mm thick and weights 145g.
8MP camera with LED flash, with f/2.0 large aperture and 1080p HD video recording at 30 fps, 720p recording at 90 fps
2MP front-facing camera
2GB RAM, 16GB internal memory
3G HSPA 42 Mbps , WiFi 802.11 a/b/g/n (2.4/5 GHz) with Wi-Fi Streaming, Bluetooth 4.0, GPS, USB OTG, MHL (HDMI)
2000 mAh battery
The Xiaomi MI-2 is priced at 1999 Chinese yuan (US$315), which is pretty good deal for a quad-core phone. It is expected to go on sale in China in October. There are no details whether this phone would be available outside China.
source