Originally Posted by Emil

Xiaomi Redmi 1S - $~150

It's a "china-phone" but this is a really good one.

Screen size (inches) 4.7" (IPS - 720 x 1280 pixels)
Processor 1.6GHz quad-core
RAM 1GB
Internal storage 8GB
Expandable storage type microSD (up to 64 GB)
Rear camera 8-megapixel

Flash it with the Cynogenmod and you got a fantastic phone really cheap.
The battery life is great! I've had it for weeks and it have never been under 30% and I don't charge it daily.