mm... I wouldn't be terribly surprised. If Lockhart didn't exist, then $399 would be more likely to happen, I think. As I mentioned in another thread, getting stuck in between pricepoints of the competitor might be a little awkward in terms of positioning for a "true next gen" experience, so... maybe they should just compete at the higher pricepoint and boost the HW accordingly.
There can still be some value to keeping around the current mid-gen consoles (if they do a fab revision); early cross-gen ports can be differentiated by framerate thanks to the CPUs while the gaining ubiquity of dynamic res handles the rest. On the other hand, the Xbox One Family probably has less reason to continue unless there's some uptick in HW sales. With PS4 encroaching 100M territory, a revised 4Pro could be positioned as a lower priced entry-point (lower than Lockhart) although a fair bit will depend on the relative uptake of next gen sales circa 2020-2022, which will need to be observed/analyzed before publishers start toying with the idea of going next-gen only because the PS4 does command that 100M-ish userbase. Meanwhile, the architectural similarities make porting less of a headache.
Bolt on Ray Tracing like any early cross-gen gimmick until devs are more experienced in shifting the engines. The segment of the PC gaming market that is served by cross-platform might hamper things for a little while, but that sort of lag is typical (see DX9 & DX11 engines. We're still not yet at a majority for DX12/Vulkan.)
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