Configurations may include 64GB of storage and 128GB of storage, in addition to models with built-in LTE, and there will apparently be a new, lower-priced keyboard cover available as well. In terms of graphics and processors, Intel is on tap to supply both.
Versus the current Surface Pro lineup, it's expected that the new lower cost model will weigh less (by 20 percent) and also have shorter battery life (by four hours).
The kicker here is that the new lower-cost unit will apparently run Windows 10 Pro -- not Windows 10 S or a different OS like the Surface RT did. The Surface RT never really took off because of its software limitations. At one point, Microsoft gave away 10,000 of them to educators, before dropping the price to $200 for schools.
Of course, the $500 Surface 3 exists, but that's three years old by this point. Based on the leaked details, regardless of whatever Microsoft ends up calling this, it could be a perfect fit for a lot of people. iOS isn't without its share of issues, and current Surface Books start at around double the rumored price.