No. This is in no way evolvement. Somebody just wants to make a quick buck. We already have high quality full color screens and high preformance chips. I don't want a screen that has two colors and a chip that my phone from several years ago used. All that for $730??? Nobody wants that.
For that price a phone should use fast snapdragon chip, high refreshrate and high quality oled/amoled display, a good camera and has the mentioned sd card and headphone jack.