It seems so, yes. MS seems to want the new Xbox being a machine that can do everything but nothing great, and on top force feeding their Kinect technology to the customer. That would explain the rumored not so impressiv xbox 720 specs.
In the end i think there`s a very good chance that we will get the choice to choose between a 2GB and a 4GB gaming console in the future., and it will be interesting which direction pays off more.
Speaking for myself, an Xbox 1 and 360 launch buyer, i would go with the PS4 as my only gaming machine, because with Sony`s superior first party output and the domination of third party games generally i see no reason to invest in a inferior xbox 720.