The Ascend P2 Australian model is 8.4mm at its thickest and sports a 4.7-inch display with a 315ppi resolution, a 1.5GHz quad-core processor, 1GB of RAM and 32GB of internal storage.
The screen also has what it calls "magic touch" features that enhances screen-response and allows you to use the screen while wearing gloves, though we didn't get to try this out.
Its 13MP camera is capable of shooting HDR 1080p, with a dedicated camera button for launching the camera app, focusing and taking the shot.
The phone also has a 2,420mAh battery, which Huawei says should push use to more than a day.
The biggest selling point for this phone is, of course, the Cat 4 LTE capabilities, also known as LTE-Advanced, which can theoretically push download speed up to 150Mbps.
'A' for Advanced
The Huawei Ascend P2 will be sold exclusively through Telstra, with it being the only telco in Australia with an LTE-Advanced network (currently in Adelaide, Brisbane and Perth, though it has plans to expand the network).
You'll be able to get a hold of the Ascend P2 for $0 monthly repayments on Telstra's $60 Every Day Connect or Business Performance Plan (minimum cost) over 24 months. This will give you $600 worth of included calls and MMS, unlimited SMS and 1GB of data.
While we guessed last week that the Ascend P2 would cost more than $500, Telstra will be selling it outright for a cool $504.