The good news is that the OnePlus phone makes some significant improvements to the specs while keeping the OnePlus 2 price relatively low.
It features a better everything, from the display on the front, to the camera in the back and to the internal chips in between. OnePlus has what it boldly calls a "2016 flagship killer."
Even the OnePlus 2 invite system has been improved, with the company promising to fulfill demand even more quickly than before. It's just a matter of time before you're able to upgrade.
Although the company has already tipped a OnePlus 3, or some iterative update, by Christmas, it's safe to say that this is the Chinese manufacturer's next big smartphone, in more ways than one.
Cut to the chase
What is it? The Chinese firm's next cut-price flagship smartphone
When is it out? August 11 is the official release date, except in North America
What will it cost? $329 (£239) 16GB, $389 (£289) for 64GB
OnePlus 2 release date
The 5.5-inch OnePlus 2 with 64GB begins rolling out to phablet-sized hands on August 11 in the UK, Europe and India. It's delayed in the US until late August and comes to Malaysia Indonesia and Singapore later this year.
The entry-level 16GB model model is also slated to ship later this year, too, and while it's cheaper, it comes with less internal storage and 3GB of RAM instead of 4GB of RAM. It's not the Android that early adopters have been looking for anyway.
Of course, even if you're in the UK, Europe or India, whether or not you get one on day one depends on your place in a virtual line. This phone is going to be in high demand, just like the original OnePlus One.
The Chinese manufacturer is using an invite system and friend-referral approach like it did before, but says it's more confident about getting more phones to more people this time around.
OnePlus 2 price
OnePlus One was novel because it offered high-end specs on a budget, and while the OnePlus 2 price is higher than its predecessor, it's still relatively cheap.
It starts at $329 (£239) for the 16GB version, while the more desirable 64GB option costs $389 (£289). The latter is really the one you want to go for.
That contrasts with last year's phone that now costs $250 (£180) for the 16GB, and $300 (about £219) for the 64GB configurations. It's still far cheaper than a similarly sized 5.5-inch iPhone 6 Plus at $750 (£619) and 5.1-inch Samsung Galaxy S6 at $600 (£560).
OnePlus 2 specs
There's certainly more here for the extra money. While the OnePlus 2 sticks with a 5.5-inch LCD display at 1080p, it's brighter than before, and that matters.
Seeing a phone's screen sunlit conditions outweighs the need for a 4K resolution, any sunny day. And, really, 401 pixels per inch is enough for most smartphone buyers on a budget.
OnePlus is a little bit thicker than before, but reduces the bezel just a tad, too, for a shorter length and width. Its dimensions are 74.9 x 151.8 x 9.85mm and it now weighs a heavier 175g instead of 162g.
That's okay, because what's sandwiched in the middle of this meaty smartphone is a faster processor, two slots for nano SIM cards, a bigger battery and a better camera.
OnePlus 2 uses a Qualcomm Snapdragon 810 processor that's been tweaked in order to overcome the overheating issues we experienced in the LG G Flex 2. The results await our final review.
The octa-core CPU runs at 1.8GHz and has a high memory ceiling with 4GB of RAM if you opt for the phone with 64GB of internal storage. The 16GB version has just 3GB of RAM. Both versions have a Adreno 430 GPU running graphics duty.
There's no microSD card slot here again and the phone new lacks an NFC chip. NFC is just "not as widespread as originally thought," said to a OnePlus spokesperson to TechRadar.
However, the OnePlus 2 does feature dual nano SIM support, which is handy for frequent travelers or anyone who has two numbers (business people, drug dealers, etc).
The most interesting addition is the new USB Type C port and charger that gives the OnePlus 2 a reversible USB input and included cable.
Warning, it's going to make all of your existing micro USB chargers incompatible. The phone does come with an adapter, but you'll likely lose it in a jiffy. New MacBook owners can attest to this.
OnePlus 2 design and software
You can get the OnePlus 2 in any color as long as it's Sandstone Black. That shouldn't stop you from adding one of the stylish new covers after the fact, however.
Swappable OnePlus one backs include Bamboo, Black Apricot, Rosewood and Kevlar. They'll cost an affordable $26.99 (about £17, AU$37) through the official OnePlus website.
While the new OnePlus is thicker in 2015, it does sport a more premium design by the way of an aluminum-magnesium alloy frame. You'll also find polished stainless steel accents line the LCD screen.
All of a sudden, the new Moto X Style and Motorola's Moto Maker website has a metal-framed smartphone with customizable backs to defend against.
OnePlus 2 also has the benefit of launching with the Android 5.1-based OxygenOS operating system, which the company touts as a "refreshing" take on the pure Android experience.
Expect subtle customizations, the return of screen gestures and apps you can configure to your liking. It's supposed to be lighter and more refined this time around.
There's a lot going on with the upgrade to OnePlus 2. Improved internal specs, a sturdier design and an easier-to-see display are key features that await the first users on August 11. That is, if they are lucky enough to snag a coveted OnePlus 2 invite.
OnePlus One impressed us by seemingly coming out of nowhere, so it'll be interesting to see if the Chinese phone maker has a sophomore hit on its hands, at least until we try the mysterious OnePlus 3.