Not sure if it's a deal or not given the repriced $249/$299 8GB/16GB 4.7" Nexus 4 with 2GB of RAM. Still, this one will out soon so there will be some discussion. Might as well start it here. This one's specs look remarkably similar to a THL W8/W200 available for ~$200 though that one gets you China warranty.
Specification
CPU: MTK6589 Quad Core 1.2GHz Cortex A7
Operating System: Android 4.2 Jelly Bean
Display: 5.0" HD
Resolution: 1280 x 720
Internal memory: Built-in 8GB
RAM: 1GB
WiFi: iEEE 802.1 b/g/n
Bluetooth: Version 2.1+ EDR
Dual SIM/Standby: UMTS 850/2100, GSM 850/900/1800/1900 MHz
GPS: Built in GPS
Position Sensor: Supports rotation sensor (G- Sensor)
Video: High Definition 720p video encoder
USB: Micro USB
Touchscreen: Capacitive screen (5 points)
Battery Life: 2050mAh (removable)
Cameras: Front 0.3MP, Rear 8MP Auto Focus
Microphone: Built-in microphone
Card Reader: Micro SD card slot supports up to 32GB SDHC card (Micro SD card not included)
Speaker: Built-in 0.5W
Ports
2 x SIM Card Slot (1 x Mini SIM Card Slot (3G), 1 x Micro Sim Card Slot (2G))
1 x Micro USB
1 x 3.5mm Headphone Jack
1 x Micro SD Card Slot
umm…price.
edit: rectified