One big problem of the "what if it's just a weaker GPU so games will just run 1080p" is that just cutting down on the GPU won't save anywhere near as much money as you people seem to think it will. You'd likely would have to cut GPU, RAM and storage, at the very least, to be able to save $100. An I'm not sure a $100 delta between the future-proof and the hobbled SKUs is enough to sell the weaker one.
With each of these cuts, you're adding extra complications to port. And some of the GPU workloads don't scale with resolution, so there would be some further issues there.
Err all insiders basically agreed that they can't finalize on the games yet because the specs aren't finalized yet either...
Nope, what they said is that they can't be finalized because final devkit isn't out - i.e. games haven't been tested on what will essentially be final hardware, there's no guarantee they'll work as intended on shipping silicon.