Xbox One S power is not nearly enough for a Switch 2. Leaks seem to point out at something more powerful than that, fortunately.
If I'm not misremembering from the leak, the GPU seems similar to the 3060 RTX or at least potentially derived from it. I imagine it'll be a stripped down version of it, clocked lower. Depending on RAM configuration and speeds, a system close to the Series S in terms of GPU power seems potentially feasible. Also worth mentioning is the Series S GPU is technically weaker than the Xbox One X GPU, but more powerful than the PS4 or Xbox One's (also can do things more efficiently).
Plus, remember, target resolutions may be lower to begin with, especially on portable (if they keep 720p, which I suspect they will due to battery life reasons).
CPU configuration is another thing and other than we know it's derived from Jetson Orin which uses the A78AE (which is a notable upgrade from the AMD Jaguar cores found in PS4/Xbox One and Cortex-A57 cores used in the Switch), for sure, we have no idea what the final clock speeds, configurations, etc., will be.
Either way, I'm really curious what the final configuration will be on the system. I'm nervous Nintendo will try and do less than 8GB of RAM, especially given it took Capcom pushing Nintendo on the original Switch to give it more RAM to begin with. The other thing I'm worried about is the base space in the system. I feel like 256GB might be the best case scenario, but I could see them opting for 128GB. Should not be lower than that, however.
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Honestly, my general thought is Nintendo may take a minor loss and make it up on software this generation. I'll admit defeat if they do price it higher, but I just can't see Nintendo justifying above $400. I feel like they may drop price on the OLED model to $300 and price the next Switch around $350-400.