Congrats to all who got their new goodies. Sharad, the review is coming after I root the device and install Google Play. However, battery life is very good with Wifi/3G on and the display is really good with superb Viewing angle. It comes with Blue Tooth 3.0 and the transfer rate when paired with another BT 3.0 device is far faster. I tested with my friend's Galaxy SII. 1 GB DDR3 Ram + Dual Core A9 really works and runninng multiple apps is really not a problem here.
Another thing is what I have heard from Tkin that Micromax FunBook does not work with Portable USB powered HDDs unless an external power source (through multi socket USB Cable....one for connection and another for power), due to the small battery. However, in HCL Y2, that is not a problem, thanks to its 4000 maH battery. I have tested it with my Seagate 320 GB USb 2.0 and WD 1 TB USB 3.0 HDDs and both ran without any problem.
Thanks to its quad Mali 400 GPU, it can play any kind of HD Video... I tested some of the 1080P 60 Fps HD Videos, converted by me using MediaCoder with extreme quality Preset (5 Ref Frames and 5 B frames, High Proile with level 5.1 level, Physovisual enhancement, CABAC optimization, not playable by most of the BD Players and HD TVs) and they worked like charm.
There is certain problem with Opera Mini with this device, so don't use it. Since I'm using 7.2 Mbps Aircell 3G connection, I am using Opera Mobile which is better suited for high speed connection and it works without any issues. Browsing is real fast. Also the Integrated Mailing Client is very good, tested with 2 Gmail and one Yahoo account. Syncing is real fast, faster than my Motorola Defy Plus.
Today going to test the Wifi Hotspot capability and will post the result.