I really like how this is looking so far (besides price), but there's a few things I'm not real crazy about.
Visually it's alright, pretty unassuming and minimal, but having all those cutouts for the camera and Dynamic Perspective sensors just makes it look kind of odd. I know they're necessary, but it breaks the aesthetic a bit.
Another thing was that I couldn't even tell the home button was a home button at first. It seems really small, and I actually thought it was supposed to be the bottom stereo speaker with the earpiece being the top. I didn't realize it was the home button until I looked on Amazon's page, and they said that's what it was in the diagram.
Speaking of the speakers, they're on the absolute top of the phone and the bottom next to the microUSB port. This seems like a very odd location combination. It'll most likely be fine when you're doing something in landscape, but playing something in portrait like Threes might sound a bit weird due to the orientation. And it looks like they aren't even lined up with each other. The bottom is in the corner, and the top like it's just slightly off center. I'm really interested in what it'll sound like.
I totally love that there's a camera key (using a volume button doesn't count), but I don't like it on the left side of the phone. I'm confused with how they want me to hold the phone when I'm taking a picture. I tilt my phone counterclockwise, but then the key would be by my left thumb, which is strange when pretty much every other compact camera (Sony phones) and beyond has you accustomed to using your right index finger. But, if you tilt it clockwise then the camera will be very low (go look, and see for yourself), so you'd probably have to adjust a good deal more, and hold the phone higher, or at a tighter angle than normal.
The power button being on the top is ehhh, but the phone's smaller than the One, so it shouldn't be that bad. Even better if you can use the home button to unlock/lock. But that's still no excuse, stop putting it on the top. Phones are getting too big to keep doing that.
Other than that, it looks good. Even though it's only 720p, the battery is oh so slightly bigger than the One M7, and has a better processor, so the battery life theoretically should be really good. 32 and 64 gig options are great. OIS is wonderful. Unlimited storage. Yep, I want one, haha.