Budget handset maker is clearly trying to send a message with the launch of its latest flagship device, and we think that it’s saying you don’t need to spend over $500 for high specs in a handset.

Destined to be one of the thinnest budget handsets yet, the Huawei Ascend P1 packs in a decent chunk of technology – including a dual-core 1.5GHz processor, 8 megapixel camera, dedicated graphics, Bluetooth 3.0, WiFi 802.11 b/g/n – into a 7.69mm thin body.

Previously announced at the Consumer Electronics Show in January, the Ascend P1 features Google’s Android 4.0 “Ice Cream Sandwich” as the operating system of choice, and even arrives with a 4.3 inch Super AMOLED screen running the qHD resolution, 960×540.

It also comes in at reasonable price, with an outright tag of $499 from Dick Smith, while other manufacturers offer dual-core smartphones with Android 4.0 for between the $500 and $900 mark.

“The Ascend P1 is not only a highly capable smartphone packing powerful technology; it offers users something that is beautifully designed and crafted,” said Huawei’s Mark Treadwell.

Other features include Double Mobile 3.0 Plus surround sound, as well as a front-facing camera to compliment the 8 megapixel camera on the back. Storage on the handset seems limited at 4GB, although Huawei has offered a microSD port for expanding the memory quickly and easily.