What I Did this sunday (20-7-14
Sold My Lava Iris 501, Bought unite 2, and after initial hands on.
Installed CWM recovery,
Rooted the Device,
Removed the Bloatware supplied as system app by Micromax
Blocked the Ads using Hosts files
Installed my stuff and now enjoying the 1GB RAM on cheapest possible, yet good Kitkat phone.