Many of you are already familiar with the Xiaomi Phone and its reverence in the MIUI community, but now the Chinese manufacturer has introduced a less expensive counterpart to the original, which is aptly known as the Youth Edition. Priced at 1,499 yuan ($237), this smartphone will sell for a full 500 yuan less than its elder and will retain many of its components, which include a 4-inch, 854 x 480 display, an 8-megapixel camera, 4GB of ROM and a 1,930mAh battery. In fact, the only significant changes are the dual-core 1.2GHz CPU (which is down from 1.5GHz), and 768MB of RAM instead of the original 1GB. Xiaomi will produce 150,000 Youth Edition handsets, which seems like a healthy number, but if you want to stake your claim to one, you'd best join in the pre-registration process, which runs now through May 18th.