Finding an affordable, yet competent smartphone has never been easy. Google's Nexus series gives Android users access to the latest firmwares backed by a relatively powerful phone, but there's still a gap between such offerings and top-tier Android handsets like the Galaxy S5 or HTC One M8. Lucky for budget-minded shoppers, there's a new gun in town: the OnePlus One.

Manufactured by Shenzhen-based start-up OnePlus in China, the OnePlus One retails for $299, which is actually $50 less than the cheapest Google Nexus 5 variant. And guess what? It packs more.

The OnePlus One features a 5.5-inch Corning Gorilla Glass 3 display that pushes out 401 pixels per inch at a resolution of 1920X1080, giving it 1080p Full HD capabilities. Underneath lies a powerful 2.5GHz quad-core Qualcomm Snapdragon 801 processor supported by 3GB of LP-DDR3 RAM. The rear shooter is an impressive 13-megapixel Sony Exmor IMX214 and the front-facing camera is capable of taking stills at 5 megapixels. Video nuts will be happy to know the phone can record in 4K.

Those who purchase the $299 model will find 16GB of available internal storage (actual space will be less due to pre-installed firmwares and apps), but those who can shell out an extra $50 will be pleased to know OnePlus offers a 64GB variant. That's right, a 64GB powerful smartphone for $349, the same price as a 16GB Nexus 5 from Google. With LTE, Bluetooth 4.0 and a 3,100mAh battery, the OnePLus One makes a strong case for itself on paper.

But there are a few quirks. For starters, not everybody can just purchase one. At the moment, interested buyers have to receive an invite to buy from somebody already in possession of a OnePlus One. It's either that or participate in OnePlus contests through forums or social media. OnePlus has stated that it will be boosting production and is working on making invites easier to obtain.

Then there's the fact that the OnePlus One only works on AT&T and T-Mobile GSM networks here in the United States. The phone does support certain CDMA bands, but still won't run on Verizon or Sprint networks.

Oh, and it doesn't exactly run stock Android either. The OnePlus One runs CyanogenMod 11S, an aftermarket modified version of Google's Android operating system. CyanogenMod offers plenty of customization options, and in a way is simply another interface like Samsung's TouchWiz that runs on its Galaxy lineup. Those worried about future Android upgrades can rest easy; OnePlus promises to push out an Android L update within three months of Google's public release.

So how does this all add up? Initial reviews praise the device for its affordability and specs. Gizmodo called the OnePlus "an unbelievably fantastic smartphone" and Engadget gave the device a score of 90 out of 100.

"It doesn't make sense that the OnePlus One should be this inexpensive. It looks elegant, feels solid and performs smoothly, and it doesn't show any signs that it's a first-generation product from an unknown company," wrote Engadget's Brad Molen. "Regardless of how well it sells, the industry will see this as a benchmark for what an affordable phone really can be. All told, it outperforms Google's Nexus 5 in nearly every way -- and it does so at an even lower price. Heck, it's better than many flagship phones that sell for twice as much."

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