MI TV is excellent for its price, but there are some drawbacks.
Issues I have experienced in Mi TV:-
1) No Google Play Store, you have to download apk files but the good thing is that you can install Android TV Version apps which works great with Mi TV Remote. But no official support to the apps means it may stop working at any point in the future
2) No Proper Audio output - TVs speakers are good only if it is installed in a small room. I have it installed in a big hall / common area and audio is not upto the mark. 3.5mm jack or RCA output ports are not available, so you cannot connect to any cheap external speakers. There is only optical SPDIF output which supports only expensive speakers. I am currently using bluetooth to connect but some apps are having delay in audio if connected through bluetooth
3) Ports on the back of TV are too far, you cannot add ports on the go and have to unmount the TV from the wall. I have added extension cables for all the ports even though I am not using all of them so I dont have to unmount the TV in the future
4) no HDR content - I have not seen a single setting related to HDR in the TV and no content available for the same