Mr
Advantages: For the hardware that you get, it is a very reasonably priced phone (especially when on sale). It has a very solid build quality. In terms of overall use (keep in mind I have only used this for 2 weeks), both front and rear cameras are fast and produce decent photos. My friends and I enjoy the selfie mode that guesses our gender and age. I only use smartphones for social media, emails, calls, SMS and some other google apps but the phone runs these apps without a hitch.
Limitations: There are only two main complaints with the phone. The fingerprint sensor I found was quite unreliable usually not unlocking on the first attempt. The second con is that it does not have Australian Locale. This means every time I reboot the phone, the time/date will be wrong and I have to manually change it. It also affects messaging applications like Facebook messenger as the timestamps will be wrong. Hopefully, this will be fixed as it is a software issue. It does not have any certified water resistance or stereo speakers, but those are features I can definitely live without considering the phone price. I also found that if you want to run a different launcher (Google Now, Nova etc) you can't use the default wallpapers for some reason (Xiaomi probably wants people to stick with the stock launcher).
AnTuTu Benchmark