OnePlus just announced the OnePlus 2, its new flagship smartphone, during a unique virtual reality press event.

The phone will ship with 16GB of storage and 3GB of RAM for just $329, or with 64GB and 4GB of RAM for just $389. Those are compelling prices for what appears to be an amazing phone, so let’s dive in to why we’re excited now.

We already had some of the specs confirmed ahead of Monday’s announcement, thanks to plenty of teasers from OnePlus. The OnePlus 2 sports a Snapdragon 810 processor, a 5.5-inch 1920 x 1080-pixel IPS display with 178-degree viewing angles, a large 3,300mAh battery that OnePlus promises will last all day, dual-SIM card support, a 13-megapixel f/2.0 camera with dual-LED flash, a wide-angle 5-megapixel front-facing camera, a fingerprint reader that should identify your digits faster than an iPhone (in less than 0.5 seconds, OnePlus says), and a USB-C port.

Additionally, you’ll find OxygenOS on board with a new OxygenOS:Shelf (beta) feature that puts your most contacted contacts and most used apps just to the right of your home screen. Other features include support for gestures, Swype as the default keyboard, a custom Audio Tuner, a custom file manager and a custom camera app, optional hardware/capacitive button support, dark mode and more.

Finally — the phone features metal chamfered edges and a first-class design. Users will be able to customize it with StyleSwap covers, sold separately, in various colors including black apricot, Kevlar, bamboo, rosewood and the classic sandstone black.

The OnePlus 2 with 64GB of storage and 4GB of RAM will be available with an invite in Europe and the United States beginning August 11; OnePlus said the 16GB model with 3GB of RAM will be available “later.”