Well, to me at least, it looks like series S is more like a GTX 1660 of console system, which specifically excels in 1080p performance.
Lack of RAM size do concern me, but I don't know how assets scale by resolution (besides texture size, which should be pretty linear) - but 7.5GB (from leaked Lockhart profiling rumor, which pretty much matches current S specs) seem a bit too small.
Then again, I have no idea what RAM usage is like in any given moment. How much RAM's used for textures, and how much is used for other things. Heck, I'm not even sure where that slow (52 GBs) bandwidth 2GB RAM would be allocated for use... maybe sound and OS?
But since it also shares same velocity architecture from Series X, along with the same speed SSD... and it literally has less RAM to fill in any given moment at faster speed too... so that may play as a factor too?
Obviously I'm not a tech guy, so I am interested in how this "scaling" would work in real life. I mean I understand lowest common denominator part. In consoles, a lot of the times it was about the whole setup - but this time around, it seems it's much more controlled & with lesser boxes to check. It's got pretty powerful CPU, so maybe things would be a bit different, but we will see when it releases and when devs start to talk about it more openly, after they get their hands on.