Last week, Apple showcased a brand new, but not brand new, iPhone. It’s the 4-inch iPhone SE and it shares plenty of similarities in its design to the iPhone 5s from many years ago, but tosses in many of the features that makes the iPhone 6s, the company’s newest flagship, stand out. There are parts missing, of course, because this isn’t a flagship device, but for the most part the iPhone SE crams in a lot of worthwhile things in a package that doesn’t warrant a high price tag.

I’m not entirely sure that this constitutes a “cheap iPhone,” but, then again, this might be the cheapest we get for an iPhone. The retail price tag starts at $399, so it’s not as expensive as one of the company’s flagships, but it’s still more expensive than a “cheap Android,” or “cheap Windows Mobile” device.

I can’t help but think back to the last time Apple was rumored to be launching a cheap iPhone. The iPhone 5c didn’t turn out to be so cheap, and it actually wasn’t all that worthwhile, either, unless you really like colors. When comparing the two handsets, and the niche they were, or are, supposed to fill, I can’t help but think Apple did right this time around. When the industry is so focused on big handsets, the smaller devices tend to get less impressive features, from the camera, to the processor, and lack of other areas of interest, too.

But Apple, while missing some things compared to the truly flagship devices in its lineup, didn’t do that this time around.

The iPhone SE is packing the iPhone 6s’ processor and camera. It boasts NFC connectivity for Apple Pay, and it even has Touch ID — albeit the first-generation sensor, so it’s not as fast in activation when compared to the iPhone 6s. It doesn’t offer 3D Touch, and the screen, while still a Retina display, doesn’t offer a truly high-definition experience.

There are caveats, but that should be expected from a device that’s not a flagship. Of course, that doesn’t really matter if someone was wanting a high-end flagship with a four-inch display, and I imagine that there were, or are (if they’re still waiting), a lot of people out there that wanted just that.

The question is, with the specifications that Apple gave the iPhone SE, and its relatively cheap(er) price tag, is it still “good enough” for you to switch to? Do you plan on picking up the iPhone SE? Or were you hoping to get your hands on a truly flagship device with a small screen? Let me know!