Image: OnePlus

I recently reviewed the HTC One (M8) and Samsung Galaxy S5 , but have a tough time justifying the $700 price when you can find great devices for half the price. One new contender was revealed that has specifications even greater than these two flagship devices. The OnePlus One will launch in May using an invite-only system.

CNET had a chance to get some hands-on time with this $299 Android smartphone and I recommend you take a look at their image gallery. The OnePlus One looks similar to the Nexus 5, but has even more impressive internal specifications.

The device runs CyanogenMod 11S, which is based on Android 4.4 and looks a lot like a stock Android device. It will be available for $299 for a 16GB white model and just $50 more ($349) for a whopping 64GB black model. I am glad I waited to buy a new phone as this may be my next Android.

Specifications of the OnePlus One include:

Qualcomm Snapdragon 801 quad-core processor at 2.5 GHz

3GB of RAM (both the S5 and One only have 2GB)

5.5 inch 1080p IPS Gorilla Glass 3 display

13 megapixel Sony camera with dual LED flash and 5 megapixel front facing camera

Integrated stereo speakers

3,100 mAh battery

Dimensions of 152.9 x 75.9 x 8.9 mm and 162 grams

Image: OnePlus

This new phone looks too good to be true with specifications beating out the new flagship models priced twice as much. It looks like the only thing missing is water resistance.

As stated in their press release:

The first 100 OnePlus Ones will be available through the OnePlus Phone Smash, starting April 25th. OnePlus fans can go to oneplus.net/smash to apply to smash their current phone in exchange for a OnePlus One. 100 lucky applicants will get the very first 100 OnePlus Ones for just $1 as well as the ability to invite their friends to buy the OnePlus One.

I have a lot of phones available in my collection and I would be willing to smash a couple to get a chance to pick one up so I signed up to enter this Phone Smash lottery. Given the phone is so inexpensive, make sure you can't just sell your existing phone and buy one before you go smashing an iPhone 5S or something.