Quotethe Xbox Series S isn't expected to be able to run the next-generation titles that will run natively on the the Xbox Series X, but it should be able to stream them without any problems should Microsoft make that functionality available
Uh, sorry, where did you get that from? There is
no way whatsoever MS will release a console in 2020 that can't play next-gen titles - but it will obviously do so at a lower resolution and lower graphics settings. I.e. if the XSX aims for 4k30 or above, this likely goes for 1080p30. The vast majority of console buyers - particularly those with limited budgets! - don't have the type of internet connection required to reliably stream games.
Likely specs, going by logic alone, is the same CPU config (perhaps clocked marginally lower, but they can't reduce the number of cores/threads), less RAM (they still need 2.5GB for the system, so maybe 10GB total?), and a much lower spec GPU (I would guess 20-24 CUs). No optical drive, likely a half-size SSD, and of course a much lower spec and simpler cooler and smaller PSU to match the rest of the system. All of this would cut costs drastically.
That price though ... that's a winner.