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I made a thread in the past suggesting not to buy this device early due to unknown factors, but due to the exclusivity and demands, I realize I could buy it with little risk since I can resell it for a small profit. There is the 14 days return window, however, for those who have been following the official OnePlus forum, the customer service have not been well received (at least from the start). There are even Android news site like PhoneArena writing an article about how OnePlus refuses to offer RMA for yellow screen issues (I am struck with it as well), but it isn't the only issue. If OnePlus deem that an issue is not their fault and you want an RMA, you will have to pay your own shipping cost to ship the device to HongKong, which will be around $60+ from the US. Also the device is shipping from US, if you are buying this device from another country and especially getting it shipped to you by DHL, you might have to pay VAT as well. So that $350 price for the 64GB OnePlus might be higher in some cases.
Build: I am satisfied with the build quality of this device, it feel sturdy enough overall, but not top notch. For the size it felt light, but not cheap (like Samsung). I was not impressed like what OnePlus touted with their promotional videos prior to release however. I will say that I will feel more comfortable dropping this device than a Nexus 5 or Samsung Galaxy, provided I have tempered glass screen protector for that large 5.5" screen. The back cover of the 64gb version (dubbed sandstone) is very nice because it's virtually fingerprint free and look like it will hold up against scratches very well.
The plastic buttons are placed in very ideal locations and are easy to reach, but I find them to be pretty flimsy and thin. You can potentially turn off the device by accident while gripping the device and not knowingly pressing on the power button due to it's flat profile. Removing the back cover is quite difficult and I managed to dent the chrome trim in the process. I was afraid I would damage the plastic buttons when opening the back cover as well. Similar to the Nexus 4's chrome trim, I expect to put on some small dents and the chrome to fade over the time.
Software: The software is one thing that is holding back the full potential of this device. As of July 2014, the CyanogenMod 11S version installed have many small bugs to be resolved, but my belief is they will certainly be fixed eventually. Some issues are things such as incorrect gain values for microphones input, causing low volume for calls and the 'Okay Google' voice launch to not recognize. I find that the regular CM11 version fixed some of the bugs from the official CM11S version. However, not all buyers of this phone will have the knowledge or desire to root and flash roms so it's still to be seen if CyanogenMod can consistently release stable builds for this device, my hunch is that they can.
Interface: Some will love and some will hate CyanogenMod's interface. CyanogenMod is based on stock Android so the interfaces are pretty much the same, so if you like stock Android chances are you will like CyanogenMod. CyanogenMod have much more features allowing you to tweak the interface more to your liking, everything found from the stock Android's interface have been enhanced a little. CM11S come with a dedicate theme engine, where you can download free themes or buy them, some of which are very nice. My only issue with CyanogenMod layout is the "Settings" menu have too many settings that can be confusing to new users and will require time to get used to.
The ability to switch between capacitive and onscreen button is also a big plus.
Performance: This phone never slow down, it's basically one of the fastest Android experience you can have right now, even with the looming of Snapdragon 805 devices, this device will hold it's own due to CyanogenMod, being a very light operating system. This might be subjective, but I find currently the phone might not be fully optimized to get the best graphic performance that the hardware is capable of.
Screen: It's pretty decent for a 1080p display. I like the calibration which is more leaning to the natural side, so it is not saturated, but also not washed out like Nexus phones. However, if you are used to LG's latest phones or Samsung's AMOLED display, both suffering from unrealistically saturated colors, then the colors of the OnePlus screen might appear too tamed for your liking. There is an issue with a sizable percentage of OnePlus buyers having yellow tinted screens, usually there is a yellow gradient coming up from the bottom of the screen and taking up about a third or fourth of the screen, easily seen in white background. In rare cases it will take up a larger portion of the screen. This reminiscence of the iPhone 4 screen which had similar issues, some suggested it is due to the drying glue which will go away over time. However, there is a controversy over this issue between many buyers who are struck it and wanting a replacement by OnePlus, who are trying to downplay the severity of the problem (more below).
Speakers: The dual speaker of this phone goes pretty loud, however, the treble become sharp at high volume so you will have to use the provided EQ (which is very robust) in order to have an enjoyable experience. It's no where close to the level of the HTC's boom sound, but it's better than any single speaker device.
Edit: I've been told that this phone have dual speakers, but they are not stereo channel.
Battery: The battery life of this device performs acceptable considering the 3100mAH battery capacity and 5.5" screen. It will last you a whole day with medium use, I 'guesstimate' you can get 4-5 hours of screen on time. Currently I'm encountering a software bug that is causing battery drain. I find myself waking up with the battery drained by as much as 20% overnight.
One thing I must applaud Oppo/OnePlus for is that their phones charge quickly. When I asked other OnePlus owners, they all agreed that this phone charges battery somewhat quicker than average, providing you use a 2Amp charger like the one included. I also heard the "VOOC" fast charger used for the Oppo Find 7 is also compatible with this device (not certain).
Signal: I find the signal quality of the device to be average and acceptable for phones these day. Not great like Motorola devices, but not bad either. Don't expect exceptional call quality from it. The WiFi signal however is exceptional, it have one of the best WiFi reception out of any phones I've owned so far.
So if you're reading up to this point you're wondering what's so special about this device, I think there are two things. You get a fast phone with lots of storage space (64GB) and a big screen (5.5") for a relatively affordable price. Secondly, this phone is basically a Nexus alternative. To me, it is an upgrade from the Nexus 5. You get a better camera, more storage space, better battery life (especially if battery drain issue is fixed), somewhat better build quality, louder speakers, and you can root the device without losing warranty, all at an even cheaper price than the Nexus 5.
The risk you'll be taking is if you'll run into issues that require returning or replacing the product, and how well your experience with customer service will be. At present, this is something to be wary of since from my impression the OnePlus's customer service isn't great. I for one felt disgusted that a OnePlus spoke person actually replied to the complaints about the yellow screen issue by saying it was done on purpose for better color calibration and provided a 'fake' side by side screen comparison as his proof. Any tech savvy and veteran smartphone users can see through this ruse and call bluff on OnePlus (as many members had if you skim through the thread), it's very disingenuous to their customers.
For me, this device is just too big to use as a daily driver since it can be uncomfortable in my jean pocket. It's definitely a two hands phone. Overall, I felt it's a better value than the Nexus 5, even with the slight yellow in the bottom of the device. It is a good device if you want flagship specifications with very few compromises, but not want to spend too much. It will make a good backup/secondary phone. It's also a good choice for users who like rooting and tweaking their devices.
This device is definitely a winner in term of value, but to be successful, OnePlus needs to be truthful with their customers about issues with their phone and provide better RMA services.
PS. Sorry I forgot to mention the invite system where you needed to be invited to buy the phone, or shell out more money to buy it from others who are selling it for more than MSRP.