^^Are you sure jellybean? They did a 4.4 update for MY
Spec wise the phone is kickass! Care to match any phone with such spec vs price and performance in the Indian Market today!
The Indian site says 4.3 - http://www.mi.com/in/mi3/#fullspecs
Specs are great, no doubt, but we've come to a point where CPU / GPU specs don't matter all that much unless you use your phone to play intensive games. Samsung's a prime example of cutting edge hardware being held back by terrible software. Android L will come with some pretty amazing performance improvements for everyday usage and better battery life, so not having access to it would be rather annoying. I've been following Xiaomi for years but they've always taken their own sweet time to update to the latest version of Android. If this changes, they could potentially take over the Indian market.