Will games be released for the cut down version only, two different versions or will the developers have to have one extensible version that either takes advantage of the improved performance of the full system or can degrade it's configuration to match the reduced performance of the cut down version?
Since both the Xbox and PS are now basically just PCs with PC processing/GPU cores (plus a few custom extras that differ betwen the consoles), I'd say it's the latter (one version that can run in multiple detail level modes) to make cross-console-PC ports simple.