It has the usual "Nokia Reliability", coupled with the new Windows 8.1 which is far better than the previous version.
It ships with Lumia Denim out of the box, which includes Live Folders(which looks brilliant, constantly showing you all the information you need through the live tiles). It also features a 720P OLED 4.7 inch display which is an upgrade over the previous Lumia 720.
The only downside I can see is its inability to capture 4K videos Snapdragon 400 can’t do that, and the absence of wireless charging which was present in the Lumia 720. But, it comes with 1GB of RAM, which is better than Lumia720 that had 512MB RAM and yet performed so well with Windows 8. So, expect a very awesome, zippy performance of the OS. Regarding the Windows EcoSystem, the availability of quality apps is on the up, and its turning out to be the best OS in emerging markets. And, it comes with Cortana Beta for India. So expect some awesome conversations with your new phone.