Is this phone good? InoOne

Well it's not awful compared to some bigger brand phones, but 288$ is asking a bit much to me. The specs you listed need to be tweaked just a bit. The website now claims it has a Qualcomm 1.2GHZ Dual Processor MSM8225 and your list is missing the 850 & 1900 band. Also, be aware that this a camera-less device. There is no front or back facing camera.

Googling the GPU name brought up both familiar and obscure devices:
PowerVR - Wikipedia, the free encyclopedia
I can't say how well these are but I would expect GPU performance slightly better than a droid 1. As it's GPU is the SGX 530 and the INO's is the 531. But the disparity in performance may be greater.

512MB of RAM is alright for normal everyday use. However, I would expect large games to lag. I don't play mobile games so I can't give an example.

Personally, I would save up for a better device. The support alone is worth it. The iNo is stuck somewhere between bad and decent. I would try games on your friend's phone before considering iNo. And What about a tablet? The Nexus 7 is similar in price and is an excellent device.

This applies more to Chinese imitations but read this if you haven't: http://androidforums.com/android-lounge/631594-off-brand-phones-tablets-worth-low-cost.html

 

I'll put my answers in bold inside the quote:

Using the iNo's price of $288 as a base then a whole lot of phones and tablets are available. If this is just for games then I still recommend the Nexus 7.

If you need a phone then the Nexus 4 is a most excellent device: https://play.google.com/store/devices/details?id=nexus_4_16gb
High-end performance at a great price and the best you can buy off contract. However, there is no option for a SD card on any nexus device. So large games and apps will eat into storage space. With USB OTG and cloud storage you can work around this though. Community support for Nexus devices is large as well.

You mentioned a GSII in an earlier post. To me, buying it from a carrier makes it overpriced for what it is. It is also known to have radio problems. But the phone sold well and thus the community is large. Samsung has even updated it to jellybean. If you can find a GSII for under 200$ then it's not bad. Although at more than $200, you might consider looking at other phones.

 

I'd imagine you could pick up a 32gb HTC One X pretty cheaply now as there has been 3 phones after it in the states (X+, Droid DNA & The One) but it still packs a punch and plays games really well, the Nexus 4 is decent too. For a cheap option maybe consider a LG Optimus 4X HD, we had them as our work phones and it had pretty much everything in it my One X had but it could take an SD card too. It's not the prettiest phone but will do everything you want it to.

 

LG Optimus L9 on T-Mobile all day. It's $199 at Walmart.

By the way the phone you want to buy should be $100 at most since it's hardware is outdated by even 2011 standards.