What do you think of this apparent budget iPhone?

So as you all probably know this budget iPhone shell has been doing the rounds today. I just wanted to get an idea of what this forum thinks of it and spark some conversation about whether people want this iPhone, if they think Apple should do it, specs and price points etc!

Budget-iphone-plastic-schell-tactus-001_medium

It's rumoured to have a 5MP Camera, 3.5" display and an A5 chip. Available in black, white, blue and yellow.

Would you buy one if it had a great user experience or would you prefer the premium feel of aluminium and glass from the iPhone 5? How much would you expect to pay for it?

I personally think it looks nice. The material looks like it resembles the plastic used on the 3GS and I don't think it looks premium, but I wouldn't throw the words "tacky" and "cheap" around to easily either. I think they've taken a bit of inspiration from Nokia with the bright colours and there's nothing wrong with that.

So, whaddaya think? And what do you think Apple would call it? I did a quick search for this and nothing popped up so I thought I'd post about it here, sorry if I just missed the post or something.