Well, I just bought myself a cheap chinese android, and for the money, it hasn't been bad. I too got a 720p screen (4.5") , but it was only a dual core, and an SGX531, with 1GB ram and 4GB ROM (split into 2x2GB) Full specs HERE
Over all it's been fine, its a little weak on the graphics side due to the weaker SGX531, but perfectly fine for my needs. I can watch 720p video from my PC with it (which has turned into a bedtime routine!
) And It does all the usual stuff. Plus with it being dual sim, thats been a bonus (actually the reason I got it) The only issue i've had is the battery life is a little weak (mine has a 2000maH battery) and it can overheat and become "choppy" when playing back video, as it thermal throttles. But the camera, GPS, and all the normal calling/texting has been fine. One other issue was I couldn't store apps on the SDcard - the SDcard showed as an ext SD which you couldn't save apps on to, but I've managed to circumvent that by rooting the phone, and modifying a config file, so with some research, it can be done. Otherwise I was limited to storing apps on the internal memory (about 800MB free) and the internal SD (1.96GB) Still, without rooting, songs and films could be stored/played back from the ext SD card.
If you buy one, just watch for the parts where they scrimp and save - check the camera quality, check it has all the sensors (mine doesn't have a compass), check it has wifi, and check the GPRS/3G/4G/LTE on the phone - you HAVE to make sure its compatible with your local networks. But with a bit of research, you could get a half decent phone for less than the main brands.
Not locked to a carrier
Relatively short battery life with everything turned on (but it came with TWO batteries!), but this can be extended with careful management of Wifi/GPS/bluetooth/data.
Prone to overheating when watching long videos/playing CPU/GPU-intensive games
Long delivery time - it took a couple of weeks to get here (UK)
Accessories can be difficult to find
Thats my 2p's worth