If Toyota made a phone, it would be the Huawei Ascend P1. I don't mean that as an insult. It's an objective assessment of what the P1 is; namely, the Camry V6 of smartphones. It's not entry level - it's actually fairly beefy - but it's no cutting-edge speed-demon, either. It caters to the sense of pragmatism, rather than the lustful desires, of those who would buy it, all at a class-leading value.
If, for example, you were to line up a Galaxy Nexus, HTC One S, and a Huawei Ascend P1 (let's take network compatibility and the $400 GSM Nexus in the US aside, here), and force someone to buy one for its unlocked retail MSRP, I imagine almost everyone concerned with value would choose the Huawei.