Here's hoping Microsoft will make a mobile console out of this ASAP.
It's basically a Renoir where they take off the 8CU Vega and put a 20CU RDNA2 at about the same clocks, and switch the 128bit DDR4/LPDDR4 memory controller for a 128bit GDDR6 one. It even came at only 41mm^2 more.
I really don't see any other reason why Microsoft would leave the GPU clocks at 1550MHz and not at least hitting the same 1850MHz as the larger SeriesX, considering it's a home console.
And I imagine SeriesS SoC at 5nm would go down to ~120mm^2 while sipping less power.
That said, a $300 SeriesS home console in 2020 sounds completely uninteresting to me personally, as it looks more like a side-grade to the OneX than generational upgrade.
However, a SeriesS Mobile for $400-600 in e.g. late 2021, with a 1080-1440p 8-9" AMOLED HDR screen? I'd be a day-one customer of that.