This is Nokia's latest budget Lumia, the 510. Slotting in between the Lumia 610 and the Asha feature phone range, it's certainly budget-friendly—which is why it's being billed as a smartphone for the developing world.
Making a cheap smart phone involves compromise. The 510, then, is modest in terms of specs, packing a 480 x 800 4-inch screen, 800MHz Qualcomm processor, 256MB RAM, 4GB of non-expandable storage and a single 5-megapixel camera (no front-facing shooter, sorry). No heavy-hitter, then. Perhaps worse, though, is the fact that it'll ship with WinPho Mango, later to be upgraded to 7.8. There is no WP8 in this phone's future.