This morning the folks from Pantech and AT&T announced a brand new smartphone that is not only targeted for first time smartphone buyers, but it will also appeal to the budget crowd as well as those seeking some solid performance. This device might only cost $50 but it packs plenty of goods like 4G LTE and Android 4.0 Ice Cream Sandwich so lets take a look.

They announced the new Pantech Flex as a budget friendly entry-level device but the specs are far from it. Previously leaked as the Pantech Magnus today’s announcement confirmed the details. Those include a 4.3-inch qHD 960 x 540 resolution display which is the lowest feature it has. Then you’ll get Android 4.0 Ice Cream Sandwich, 4G LTE, and Qualcomm’s 1.5 GHz dual-core Qualcomm Snapdraon S4 processor.

Pretty great for only costing users $50 right? Other specs include an 8 megapixel rear 1080p video capable camera, 2 megapixel front for video chatting, and a spacious and decently sized 1,830 mAh battery that should last plenty long.

Pantech has detailed an “Ease Experience Mode” that will streamline the user interface into a simple solution for newcomers to the smartphone market. This can easily be toggled off to enjoy Android 4.0 ICS too for those that aren’t complete newbies. The video provided by AT&T below will give you a better idea of what to expect from this decent little phone. The Pantech Flex will be available September 16th for only $50 after a new 2-year contract — which makes this phone a pretty good deal.