My guess is that it would be aiming for the 199-299 USD price bracket with support for 1080p instead of 4k/8k.
If that GPU and likely memory amount, is the only significant difference then a reduction to 1080p (possibly with some lower IQ settings) should make it relatively trivial to run games that run at 4k on Anaconda.
I know some speculate that it could be a streaming only machine, I doubt MS would take a risk on a streaming only machine as I really don't see a market for a streaming only home console. Streaming games only really makes sense, IMO, on mobile devices.
Regards,
SB