You left off the .01 final cost of the phone but regardless, "Ho hum," because there are plenty of people walking around with devices more powerful than this in their pockets.
Cheap doesn't make it awesome.
edit: the more I think about it, the more it reminds me of a $99 Android tablet I had, minus the screen, exact specs. What's a touchscreen go for, about $60-$70?
Sounds like that tablet wasn't a bad deal either.