The OnePlus One could well be the surprise smartphone of 2014 with its low, low price and headline specs.

There's a lot to get excited about with the One, and we've highlighted the main reasons why you might want to think about parting with your cash and pick one up at the first opportunity.

It's not all good news though, as you'll find out later, as this budget blowout also has a few issues, so put that money back in your wallet... for now.

The price is right

The OnePlus One is cheap. Really cheap. Seriously - $299, £229 for a handset which has better specs than the Nexus 5 and matches the Samsung Galaxy S5, HTC One M8 and Sony Xperia Z2 in a number of areas is an absolute steal.

OnePlus has also put the rest of the market to shame with the pricing of the 64GB model, which is just $50, £40 (around $AU70) dearer than the 16GB variant - that really sticks it to the likes of Apple where you'll find a $200 (£160, AU$260) discrepancy between the 16GB and 64GB iPhone 5S.

OnePlus One

You can feel the power

As we've alluded to, the OnePlus One comes very well equipped with a 2.5GHz quad-core Snapdragon 801 processor, 3GB of RAM, Adreno 330 GPU.

That puts it on a par with the Galaxy S5 and Xperia Z2 - handsets more than double the price of the humble OnePlus One - and it beats the One M8 which sports 2GB of RAM and a 2.3GHz 801 chip.

It's Android Jim, but not as you know it

At the heart of the OnePlus One you'll find Android 4.4.2 KitKat - the latest version of Google's platform. That in itself is good news, but this isn't your standard version of Android.

No, this is CyanogenMod 11S - a community driven program which embraces pure Android and enhances it with various additional features.

There's no heavy overlay like HTC's Sense or Samsung's TouchWiz; instead CyanogenMod is far more subtle in its implementation.

OnePlus One

From app shortcuts integrated into the unlock mechanism and double tap for wake/sleep to a whole host of additional settings and greater personalisation options you really can tweak and tinker to your heart's content - something which will please those fed up with the more intrusive skins from the main manufacturers.

Something for your eyes

One of the main features that usually suffers when a manufacturer attempts to roll out a low cost, yet "high-end", handset is the screen. That isn't the case on the OnePlus One.

You get a 5.5-inch full HD display on the handset which gives a high level of detail, making your movies, games and even emails look splendid.

It's not quite as defined as its flagship rivals as their slightly smaller screens (ranging from 5 to 5.2 inches) allow for a higher pixel density, and colours can look a little washed out on the OnePlus in comparison. On its own though you're unlikely to have any complaints.

OnePlus One

Check out this package

With a price this cheap we're obviously looking for areas where OnePlus has had to compromise on the One, but we're still at a loss.

As well as the power, screen and operating system you can also add a 13MP rear camera, 5MP front facing snapper, 4G, NFC, Bluetooth 4.1 and 3100mAh battery to the growing list of impressive specs.

The back cover comes off too - albeit with a bit of difficulty, and you have to remove the SIM tray first - allowing you to swap it for a different colour or texture.

OnePlus has promised a range of different covers for the One later this year and finishes include denim, wood, bamboo and kevlar. Make of that what you will.