Fairphone is offering a solution to this by designing devices that are repairable and have guaranteed software updates, though it requires some compromises.
because the phone is not sealed, its waterproof/dustproof rating is lower
the specs are lower than other phones in the same price range - this is probably due to the modular design and the need to assure the supply of replacement parts
the phone is only designed for the EU - it may not support the network bands used in other parts of the world