Xiaomi Mi Note 2 sold out in less than a minute
Xiaomi Mi Note 2 sold out in less than a minuteXiaomi via Twitter

It's too early to give feedback on the just announced Xiaomi Mi Note 2 for the simple reason that judging things by its cover can be disastrous but there is no doubt that this device has caught the attention of most gadget lovers. Some people are even comparing it to the ill-fated Samsung Galaxy Note 7 that has been discontinued for a faulty battery, and it's actually an interesting perspective from specifications point of view.

So, is the Mi Note 2 the best alternative to the Samsung Galaxy Note 7? May be or may not be but here is what the new device from Xiaomi has to offer:

[READ: Xiaomi launches Mi Note 2, concept phone Mi Mix with edgeless display]

The Xiaomi Mi Note 2 has a high-grade 7 series aluminium body with a curved 3D glass shield on both front and back, a premium finish, and a 5.7-inch QHD OLED dual-edge curve screen with 2,560x1,440 pixels (518 ppi pixel density). Under the hood, it has a 14nm Qualcomm Snapdragon 821 processor, an Android Marshmallow based MIUI 8.0 operating system, an Adreno 530 GPU, a 64GB/128GB internal memory (no microSD card slot), and a 4GB/6GB RAM.

The device also boasts of a 22.56MP main camera with Sony IMX318 sensor, f/2.0 aperture, 6-axis OIS (Optical Image Stabilisation), EIS (Electrical Image Stabilisation) and LED flash 4K Video recording, an 8MP front-snapper with Sony Exmor IMX268 sensor, f/2.0 aperture wide angle view of field, auto focus and Beautify v3.0, and a 4,070mAh battery with Quick Charging v3.0 technology.

It will be available in China in two variants -- 4GB RAM + 64GB ROM model priced at 2799 Yuan (around $415) and a 6GB RAM + 128GB ROM variant with a price tag of 3299 Yuan (around $485). Only the higher-end model (6GB RAM + 128GB) will be made available in in global markets and that too with a different price tag -- 3499 Yuan (around $516).

On the other hand, the Samsung Galaxy Note 7 hit the headlines for several reasons, including iris scanner feature. It sports a 5.7-inch Super AMOLED capacitive touchscreen with 1,440x2,560 pixels (518 ppi pixel density), has a dual-edge display, and comes with IP68 water-and-dust resistant certification.

Under the hood, the device has an Exynos 8890 processor, an Android 6.0.1 Marshmallow operating system, a 64GB internal memory (expandable up to 256GB via microSD card), a 4GB RAM, a 12MP main camera with f/1.7 aperture, 26mm lens, phase detection autofocus, OIS, LED flash, 1/2.5" sensor size and 1.4 ┬Ám pixel size, a 5MP front-snapper with f/1.7 aperture and 22mm lens and a 3,500mAh battery made by Samsung SDI. It was priced at $849.99.

Looking at the specifications, those lamenting over the recalling of the Galaxy Note 7, may find the Mi Note 2 as a good alternative if not the best. It is not fair to compare the two devices due to the huge price difference but Xiaomi's new device has the potential to beat most premium handsets currently available in the market as far as specifications are concern. Interestingly, the Mi Note 2 resembles the Galaxy Note 7 in design and looks.

It won't come as a surprise if Samsung fans and the Galaxy Note 7 users, who have opted for a refund, end up buying the Mi Note 2 as the next Note device is still a year away.