Last we heard, OnePlus was confident that its handset’s “more attractive than just about any phone on the market, with the exception of maybe the iPhone.” Now the company took to Facebook to announce that the OnePlus One “will be built using only the best components and 2014 flagship specs, both inside and outside.” That’s all that’s been revealed for now, but we can imagine that the new handset will perhaps have a Quad HD (1440 x 2560 pixels) display - since this seems to be what Samsung's and LG's flagships will be using.
Oppo is already teasing a Quad HD smartphone (the Oppo Find 7, which should be launched in the near future), so OnePlus may follow.
At the moment, we don’t know if the OnePlus One will be released outside of China. However, since most announcements regarding it are in English, we assume that it will. We'll certainly keep an eye on this and let you know when more details are available.