The specs are here:
It's coming in as the same price (roughly) as the Nexus 4 16GB and this one takes a MicroSD for extra storage but from what I can see the specs are lower in two key areas: the screen is smaller and has slightly fewer pixels, and the Nexus 4 definitely has a more powerful processor.
However, what I've read implies the vast majority of phone users wouldn't notice that extra processing power and the one they've chosen runs much cooler.
Batter is 2000 not 2100 but possibly this is okay thanks to the processor being less powerful.
Not sure about the bands either.
Anyway, the main thing is it appears to be some kind of Kickstarter and it only has 2 weeks left and a fair number of phones still to sell.