What Phone Gives the Best Bang-Per-Buck?

Now that the new Nexus phones are available for pre-order and that we know their prices, we can appropriately discuss which smartphone offers the most for the least amount of money. Considering that affordable phones are on the rise and flagships are on the decline, it's not hard to find good bang-per-buck releases anymore. Which phone do you think truly gives you your money's worth?

source: xdadevelopers