In fact with a price tag of €449 (around £370, $625, AU$690), the Ascend P7 finds itself towards the top end of the middle tier of mobiles, but it's not a pricing anomaly like the OnePlus One.
That said, a quick flick through the spec sheet and the Ascend P7 isn't exactly poorly equipped, with a lot of similar features to last year's HTC One.
On the front there's a full HD 5-inch display, while under the bonnet you'll find a 1.8GHz quad-core processor, 2GB of RAM, Mali 450 MP4 GPU, 16GB internal storage and 2500mAh battery.
Round the back there's a 13MP Sony camera while on the front the Ascend P7 is equipped with a selfie-tastic 8MP lens.
It also boasts CAT 4 LTE technology, allowing you to take advantage of the fastest 4G speeds currently available, while Android 4.4 KitKat sits at the heart of the operation.
In the same way that HTC and Samsung tinker with Google's platform, Huawei has stuck its own Emotion UI interface on the Ascend P7. It's version 2.3 of the overlay, and the P7 is the first phone to come running it.
As I've already mentioned when it comes to design there's not a lot to choose between the Ascend P7 and P6, and indeed the Ascend G6 too.
There have been a few handy changes, though. I bemoaned the position of the headphone jack on the P6 and G6, where it's placed on the side.
Huawei has heeded the call and shifted it to the top of handset, making it far easier to pocket when you've got headphones plugged in.
The microUSB port has also shifted from the top of the P6 to the base of the Ascend P7 - the best location when it comes to using your phone while it's charging.
Pick the Ascend P7 up and you'll immediately notice its extremely slender frame - impressive considering the level of tech Huawei has crammed inside the device.
That said the P7 isn't as thin as the Ascend P6 which clocked in at a sultry 6.18mm, but considering it's only grown to 6.5mm it's still thinner than Galaxy S5 and iPhone 5S.
Clad in Gorilla Glass 3 front and back, and with a metal frame running round the sides, the Ascend P7 is the best looking and feeling Huawei device to date. It feels premium in the hand and the solid build means there's no uneasy flexing.
Slender bezels run down either side of the display and Huawei has managed to keep the extra space above and below to a minimum, partly thanks to the navigation keys being on screen.
Down the right hand side you'll find an almost central, circular power/lock key which falls comfortably under thumb or forefinger - depending on which hand you're holding the P7 in.
It isn't as big as the button on Sony's current flock of Xperia handsets, but I can't help notice a similarity in the layout, with the volume rocker switch just above.
That's not all for the right side though, as below the power/lock key are two trays - one for the microSIM and the other for a microSD card.
That gives you a hint that you can't remove the rear of the Ascend P7, so the battery is locked out of sight. No swapping out a flat one for a fully charged power pack on the go.
There's a clever fearture surrounding the microSD slot too, as instead of sticking a storage card in it the tray is also compatible with a nanoSIM. This allows you to make the Ascend P7 a dual SIM smartphone, if you so wish.
The compact dimensions of the Ascend P7 (139.8 x 68.8 x 6.5mm) and its 124g weight make it easy to hold in the hand, although the angular edges mean it doesn't sit as nicely as handsets with more of a curved design.
These dimensions also meant I was able to reach all areas of the 5-inch display with one handed operation and no awkward shuffling was required.
Screen, interface and camera
With a full HD resolution, the 5-inch LCD screen on the Huawei Ascend P7 is crisp, clear and bright making text easy to read and images look impressive.
A pixel density of 445ppi (although the same sized screen on the M8 is clocked at 441ppi) means you'll be able to comfortably watch movies on the P7 without suffering any major visual issues.
Part of the reason Huawei has been able to make the Ascend P7 so thin is thanks to the JDI screen used in the handset, which itself is extremely slender as well as reducing reflections.
It's not all good news though: that screen also highlights the slightly childish Emotion UI overlay, which detracts from the Ascend P7's premium appeal.
For the Android purists out there the removal of the app draw may be a step too far, but for those less tech savvy the simplified interface employed by Huawei makes the Ascend P7 easier to navigate.
You can make things even simpler with the option to switch from the standard interface to the Simple UI - a feature which debuted on the Ascend Y530.
This feature will really come into its own for smartphone users with accessibility issues, with large on-screen buttons for the core features and none of the additional fuss of extra settings and controls.
I founnd that general operation was usually pretty good with quick, fluid transition, but at times the Ascend P7 was a little slow.
From time to time there was some noticeable lag when I opened applications, but hopefully these things will be ironed out ahead of its launch in stores.
The performance does make me worry about the processor inside the Huawei Ascend P7 (it's a HiSilicon Kirin 910T), as it's produced by relatively unknown a Huawei-owned company instead of coming from an established brand such as Qualcomm or Nvidia.
While I couldn't properly put the processor to the test during my hands on time, it's something that will be fully tested during our in depth Ascend P7 review.
Huawei has also included some additional features in its Emotion UI 2.3 overlay, the first of which is 'shake to align' apps.
Because the Ascend P7 doesn't have an app tray all your applications live on a series of homescreens and as you move them around, download new ones and delete the ones you no longer need everything can start to look a bit messy.
Hold down on any app to enter edit mode and then shake the Ascend P7, and the applications will automatically align, removing any blank spaces between icons.
It's hardly a standout feature, nor one you're likely to be using all the time, but it is a nice touch which allows you to keep your house in order - and one I'd like to see on the likes of the Galaxy S5 or iPhone 5S.
The Suspend Button is something else Huawei has added into its Emotion UI, and it provides additional tools and shortcuts via an onscreen menu.
The suspend button can be activated from the quick settings menu in the notification bar, and when on it places a small circle to the side of the display.
Tap this and a wheel of icons appear on screen, with a link to jump to the home screen, a memory clearer to close any apps running in the background as well as links to five apps which can be opened as pop ups on screen.
This means you can open your music player, calendar, calculator, notepad or new message window without having to exit the app you're currently using.
Another feature is Ultra Snapshot, which gives you the ability to snap a picture in around a second from the lockscreen with a double click of the volume down key.
Ultrasnapshot worked well during my hands on time with the Ascend P7, and it was generally able to capture an image in 1.2/1.3 seconds.
Turning attention to the cameras on the Ascend P7 and you'll be pleasantly surprised by the 13MP snapper with Sony 4th Gen BSI senor bolted on the rear.
It has a single LED flash and a whole host of features, modes and effects including HDR, panorama and Audio Photo.
The latter, Audio Photo, is basically the same concept as "Sound and shot" which arrived on the Galaxy S4 - a gimmicky feature which records 10 seconds of audio and attaches it to an image file.
I spent some time shooting with the Ascend P7 during my hands-on, and generally it took some decent images. The shutter speed isn't the quickest I've experienced, but that could be down to the software not being finalised quite yet.
Another bonus on the Ascend P7 is the 8MP front facing camera which Huawei is really pushing at the selfie-obsessed youth market.
It's even included a selfie preview window so you can make sure your beautiful mug is in the right place, plus a selfie panorama mode to capture the vista behind you.
A feature that made it into the MediaPad X1 and M1 tablets was the ability to charge another device via the USB port - and that has also been brought to the Ascend P7.
I can't see its worth on a smartphone though, as usually it's the phone you'll want to charge rather than another device from your handset's battery - which itself is smaller than the ones you find in tablets.
This backwards charging capability also requires a cable which has to be purchased separately, which makes it even less likely to be used on the P7.
The Huawei Ascend P7 release date is scheduled for June 7 in 30 countries including the UK, with wider global availability following soon afterwards.
The Huawei Ascend P7 is the firm's best designed handset to date, but while it's the flagship model for Huawei it isn't a market leader.
Its specs are more suited to a flagship device from 2013, which places the Ascend P7 in a different league to the One M8, Xperia Z2, Galaxy S5 and company.
The Emotion UI won't to be to everyone's taste, but there's plenty going for the Ascend P7 - especially as it's cheaper than the top-end mobiles.
If you're looking for real market leading handset though you'll need to look elsewhere.