This week, Nokia finally announced the device that many have been waiting for since the company launched the 808 PureView early last year. The Lumia 1020 features a remarkable 41-megapixel camera, capable of taking full-resolution 38MP photos, alongside a smaller but richly detailed 5MP image that can be more easily shared.

On the face of it, the device has a few pros and cons. It's incredible that Nokia has crammed so much imaging technology into a handset that, even at its thickest point - the camera hump - is thinner than the chunky Lumia 920. It's a fair bit lighter than that device too, but it shares more than just its good looks with its predecessors. Some of its specs are also made up of hand-me-downs: the 1.5GHz dual-core Snapdragon S4 processor from the 920, which was announced ten months ago, is also carried over to the newer handset, while the 1020's 4.5-inch WXGA (1280x768px) AMOLED screen is taken from the Lumia 925.

With Windows Phone 8 set to support quad-core processors and higher-resolution 1080p displays later this year, this means the Lumia 1020 may not be the flagship for very long.

And then, there's the price. In the US, it'll cost $299.99 on a two-year contract. That's a hundred bucks more than most high-end devices on AT&T, and at that price, it'll go head-to-head against the Apple iPhone 5 32GB. Speaking of AT&T, let's not forget that they'll be the exclusive carrier for the Lumia 1020 in the US, so if you're on Verizon, Sprint or T-Mobile, you'll have to go without unless you're ready to switch networks or you have the dough to buy the device at full price.

Nokia hasn't shared details of pricing or availability outside of the US yet, saying only that the handset will launch in China and "select European markets" this quarter. Buyers in the UK will have to wait until September to get theirs; be sure to check out our overview of which major UK networks and retailers will be offering the device.

There's also the elephant in the room to consider: Windows Phone. The app gap is closing, with the latest additions to be announced this week including Flipboard, Path and Vine. But that doesn't change the fact that, as a general rule, Windows Phone is still one of the last platforms to get the latest apps, annoying for users who are constantly left waiting while their friends on iOS and Android have all the fun.

There's also the frustration of slow updates to consider. While a brilliant OS, Windows Phone still lacks many of the features found on its more established rivals, and it's looking increasingly likely that it won't get a major update to version 8.1 with significant new features until the first half of 2014.

For prospective buyers of the Lumia 1020, these are just some of the factors to consider. Does it matter that the handset only has a 720p display and dual-core processor when better-specced devices are just a few months away? Is the asking price to high, and are you willing to switch carriers to get one? And are you willing to hang in there with Windows Phone 8 until bigger and better updates bring more features and developers start creating apps for the platform more quickly, rather than as an afterthought?

Place your vote, and be sure to share your thoughts with us in the comments below!