The Verge (Lockhart): "We understand that includes 7.5GB of usable RAM, a slightly underclocked CPU speed, and around 4 teraflops of GPU performance."

[the-pi-guy]

What if the cpu keeps it from being super cheap?

Tom Warren said it wasn't going to be cheap.  Seems to me like $299 is probably the lowest we can expect.  
CPU + SSD are pretty expensive, a smaller GPU, and less RAM doesn't open up the door to a lower price.

It's great that it has the same cpu but since it has about half the ram and a third the gpu, it's not like devs can just port without work. Some games may be really hard.
So as fish tacos said, why is the cpu so strong? It can still scale with resolution a bit.
Option 1: $249 box that can play almost all next gen games for a few years. Some games may have things scaled back beyond resolution.
Option 2: $399 box that can play every next gen game for the full gen with everything the same except for resolution.
People seem to want option 2 but these specs seem like a little bit of both. What if the system ends up costing closer to option 2 but in practice functions like option 1?

Practically it's hard to say.  Most games tend to get limited by the GPU before the CPU, but that's not universal.  

Though I'm going to bet it'll be Option 1.