In brief: Xiaomi is well-known for its ability to make cheaper alternatives to the most popular consumer products, including smart TVs. The latest to come out of its labs is a 4K 120 Hz OLED TV that's designed to cater to both cinefiles and gamers.

Back in January, when Vizio first unveiled its first OLED TVs, everyone got excited at the prospect of finally being able to replace their ageing LCD TV with an affordable OLED one. It didn't take long for Xiaomi to bring its own offering to the table, after years of making cheaper alternatives for Samsung, Sony, and LG LED TVs.

Both companies use 10-bit 4K OLED display panels from LG that's similar to what the latter company uses in its 2020 lineup. This means that they, too, offer 120 Hz refresh rate with support for FreeSync, as well as HDMI 2.1 ports with eARC - both of which are essential if you're on the lookout for a next generation console like the Xbox Series X or the PlayStation 5.

It's worth noting that these TV panels are supposed to cover 98.5 percent of the DCI-P3 color space, which would make them quite decent for some professional image and video work. Xiaomi and Vizio both claim support for multiple HDR formats such as HDR10, HDR10+, HLG, and Dolby Vision.

The most important point of these new TVs is their price, which is finally approaching more sane levels. Vizio's 55-inch and 65-inch OLED TVs will set you back $1,299 and $1,999, respectively, and the company says they'll arrive in the US sometime this fall.

Xiaomi only has a 65-inch model for now that carries a price tag of around $1,839 and is available in China starting today. It will most likely get imported into other regions such as Europe and the Middle East in the coming months, with no word on US availability.