Remember... nothing is perfect. Xiaomi has already released home security cameras using other brands such as Yi. And the home security camera market is yet to be adapted in large. So, you can expect a lot of misunderstanding on how everything works together in a home security camera in general.
Initial setup: It is a breeze for some, but pain for others. See the 1-star ratings if you want proof. I had trouble getting this camera recognized by its own app (Mi Home). It took about 1 hour to recognize after trying with different lighting conditions. The camera got disconnected from the app, after I switched the SSID of the router. So, I had to pair it again. This time, it took more than a day(!) of trial and error. I had to keep the camera under bright sun light in order to get recognized by the Mi Home app. Lesson learned in a hard way.
Bandwidth requirement: This camera requires 24x7 connectivity with solid internet connection and with good upload bandwidth. Even if you have 100mbps connection, this camera can only be connected via wireless. So, longer the distance from the router, shorter the bandwidth. This camera hangs up, if it doesn't have enough bandwidth. If you add NAS storage, you'd need even more bandwidth between the camera and the router. The camera is very sensitive. If you set up any conflicting configurations, it'd just hang and would not record anything at all, even in the on-board SD card storage. If the camera hangs for a particular reason, you have to restart it. It is a pain to troubleshoot things when you are miles away from home in another city.
Mi Home app requires almost all the permissions from your phone. But, I was able to disable most permissions except location and storage. What's more! You get ads in the app right after opening it (on the dashboard where you see the list of devices) since version 5.4.43 (released on Dec 26, 2018). I wish Xiaomi released a dedicated app for home security cameras, like other companies have done.
Google Assistance isn't compatible with this camera, if you are into that sort of thing. Some other cameras from Xiaomi (not released in India) are supported, though.
Once paired to the app and once you have the perfect setup (with NAS and good wireless bandwidth to / from the camera), you may become addicted to use it under different conditions, such as with total darkness.
If you are technically sound and have around 10k budget, Raspberry Pi based home security is a better option! If you are on a budget and if you don't want to spend a lot of time on technical things, then, Xiaomi Mi Home Security Camera is the best home monitoring camera you can get!