Shit or not the MTK serves it's purpose. Hongmi is a fine phone for it's price. Won't play Asphalt at full res but at medium works fine. And the phone is realy snappy in daily use. I have mine for 4 months and I never had a problem with it. If it would be a 1s wcdma version it would be nice.
Mediateks biggest problem is its horrible exploitation of Linux and its hostage-holding illegal license practice.
This in turn results in extremely outdated closed source kernels, due to cheaper bullshit licensing, which in turn makes the handsets themselves (most of them at least) very prone to exploiting / insecure.