Once just a rumored device is now reality: the Xiaomi M1, a phone that will run a MIUI ROM on top of Android, will be available for pre-order by the end of August for shipping in October for just $310. The release of this device is unusual; it’s akin to developer team Cyanogen coming up with their own hardware to run their CyanogenMod ROMs.

The M1 has impressive specs. It’ll be packing the 1.5GHz dual-core Qualcomm MSM8260 Snapdragon SoC with 1GB of RAM. It’ll have a spacious 1930mAh battery, an 8MP rear-facing camera, and a noise-cancelling microphone. The device will have a 4″ FWVGA 854×480 display, and will ship with the latest MIUI ROM running on Android 2.3.5.

With the upcoming release of the FusionGarage Grid4, it looks like the major smartphone OEMs aren’t the only ones that can make a compelling smartphone.