One X is a 4K console, and has 9 GB of usable ram for games. Lockhart outputting at quarter resolution could do with less than that, especially when Velocity Arch is helping conserve texture memory with sampler feedback and using high speed paged approach.
Machine with slightly lowered CPU clocks (similar to PS5 CPU clocks), 512GB SSD, 4+TF GPU, 10 GB RAM could be around $200-250 while still be able to give a great next gen experience at lower resolutions compared to XSX. And with DLSS 2.0 type upscaling, it could rival or even outperform PS5.
Remember: