Xiaomi Mi Pad is the best tablet one can have for the price. A beautiful 7.9" 2048x1536 display with good brightness levels driven by the beastly Nvidia Tegra K1 chipset along with 2GB RAM and 16GB of NAND storage backed by a microSD slot, all of which is powered by a 6700mAh battery, is really commendable at the price.
MIUI ROM seems to be little behind in time but I had to sweat little bit and installed CM11 the same day(today) I have received the unit. MIUI ROM seems to be having some challenges wrt to rendering certain apps which prevented me from using some of the apps, as basic as Chrome browser.
The NVIDIA CPU plays high end games like asphalt 8 and dead trigger seamlessly without lags, the screen resolution is fantastic and the battery lasts for 36 hours with moderate gaming, watching 2 hours of videos and browsing internet. The only quibble I have with Xiaomi is their MIUI which hogs up a lot of RAM. Only~700 MB out of 2 GB of RAM is free with all applications closed.
Pros:
Almost top-of-the-line hardware
Vivid display
Good cameras
Long-lasting battery
Loud, clear speakers
Supports Micro SD card upto 128 GB
Supports USB OTG functionality
Cons:
No sim support, only wifi, No GPS
Poor Software optimization(MIUI, Some times it will make Force close some Apps)