PROS of Mi4 over Mi4i:
• Camera is far better.
• Performance mode on both phones with 3D games, Mi4 wins with lot of difference
• 3MB RAM pops up the difference too.
• Steel casing is more premium but more of individual choice.
• I found IR a nice addition
• Speakers are way better
• Snapdragon 801 is proved chipset for all high end phones with no issues.
CONS of Mi4 over Mi4i:
• No 4G and dual SIM.( I am not sure if all final bands of 4G would be supported by Mi4i)
• In sun the Mi4i display looks brighter and better.
• Kitkat(Though after updating to MiUi 7 I did not find any differences)
Overall I would say go for Mi4 in any case if you can manage to work over 3G for next 1-2 years, till its available all in India. The phone is true VFM and I would strongly recommend it, order it and feel the difference of having Mi Flagship phone at such less prices.