ZTE Reef is now available on the Virgin Mobile Web site. Priced at $149.99, it's an Android 4.1 Jelly Bean phone with a 4 inch 480x800px screen, 5 MP camera main camera with 720p video recording, VGA front facing camera for video chats, 1 Ghz processor and 1 GB of RAM memory.
The Reef's biggest selling point is that it's Virgin Mobile's first water proof phone. It carries an IEC rating of IPX7 which means it's been tested and certified to survive being submerged for 30 minutes in 1 meter of water.
If you are a Virgin Mobile customer and want a waterproof phone the Reef is for you. Otherwise the phone is pretty low end with apparently only single core processor. It seems overpriced at $149.99 but I expect the phone will soon be widely discounted.
Update 9/23/2013: The Reef is now also available at select Boost Mobile retailers.
Prepaid Operator Profile: Virgin Mobile