It's slow, but usable. Pure Android, and ok camera, screen and build quality.
(My daily phone is a Pixel, and I have had iPhones in the past to compare)
https://www.phonearena.com/phones/compare/Nokia-3.1,Nokia-3/...
Last week I bought a Nokia 6.1 and it is pretty fast. I have been an iPhone user since 2009 (with an Android excursion 2013-2015). But my beloved 64GB iPhone SE had water damage after a bike ride through the rain last week. And I didn't want to buy a new iPhone just ~2 months before the keynote. I'll see after the keynote whether I'll buy a/the new iPhone or whether the Nokia is good enough.
At any rate, I am very impressed what they are doing. I hope they stay on this course. I think there is a place for phones with pure Android and regular updates, but that is cheaper than the Pixel line. Basically the void that Nexus left.
Absolutely!
I have a Moto G5+. It was under NOK 2000 in January this year, that's less than USD 250. It's great. Much better value than my sister's Huawei P9 which was much more expensive..
Currently, Nokia (they are not really Nokia, but have ex-Nokia staff and are a Finnish company) makes really great Android phones around $200-$300. They are in the Android One program and do 2 years of feature updates and monthly security updates. So far, it seems that they are keeping up this promise. Phones like the Nokia 6.1 are fast, have a nice screen, etc. Obviously, it is not a $700 phone, but speed/quality/update-wise they are very similar to the old Nexus line.