Once again these are rumors, so don't get too excited about them. If this price point stays true, then this will be a steal. Perhaps in the next 2 years $299 for these specs will seem reasonable. Backwards compatability seems likely as well (good!!!). 4GB is plenty to run what every graphical and system capabilities that are necessary. And the document says that the product is to be released around fall 2013, which is what the industry is expecting anyways.
http://www.gamesindustry.biz/articles/2012-06-18-leaked-document-reveals-next-xbox-price-tech-details
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