Well depends on the budget , but for normal day to day processing a 3rd Gen I5 or higher will easily suffice.
As far as build quality is concerned , check for the touchpad primarily . Most Acer laptops have pathetic touchpad . Mine is utterly miserable.
BTW , purchase an additional warranty with Acer laptops. It always comes in Handy.
I think Rishi is using Acer v5 series you should ask him.
Yeah , but I have the V3 Series . (V3-571G precisely).
EDIT : ------------------------------------------------------
*www.thinkdigit.com/Laptops-PCs/Acer-Aspire-V5-471P-Review_13215.html
If this is the one you are looking for , and touchscreen isn't really a necessity for you , then I would recommend to stay away from this.
It's an entry level touchscreen win8 laptop. But how much are you getting it for , and at what config ?