Liquid Metal is the best 1.2k range phones thus far. 2nd gen Snapdragon at 800mhz which is the same as the 1.9k Desire Z. And it is a farking Vanilla phone. Want me to relist the pros and cons again?
Pros:
1:Vanilla.(Means its a phone without any additional icons or skins. Its just pure android. This is what Nexus S and Nexus One uses. There is actually something called Breeze UI installed but you can disable it. Thus, granting the Vanilla)
2: 800mhz 2nd gen Snapdragon ala Desire Z
3: Dedicated camera button.(Very few Android phones have this IIRC)
4: Nice and vibrant screen though its TFT. Its a 3.6". Perfect size IMO.
5: LED notifications.
6: Nice loudspeaker
7: 800x480 at this price range is quite rare. So i guess its a pro.
8: Aluminium back cover
Cons:
1: Laggy Breeze UI. Can disable in favour of Vanilla.(95% favours vanilla

)
2: Its an Acer like people said. Personally i don't think this is much of a con as HTC and other major phone brands are Taiwan made too.
Sums it up i guess. I can't think of much cons for this phone. Perfect for its price. Comes with 8gb microSD from gtrowa.
In short, it is much better of a bang for your buck rather than the LG Optimus One? My only concern is the fact that it might not get Gingerbread, and I heard that the LED notification wouldn't work with Vanilla Android.