Hopefully they go for some semi custom chip with amd or nvidia.
Otherwise there's little chance for it to be competitive with ipad pros or even ipad mini....
As for surface pro? It still uses intel..
Even with the amazon app store in windows 11, intel exclusiveness in windows tablet space is really discouraging. With zen 2 and newer amd chips being much more power efficient and with the 6000 chips offering RDNA 2 (or even the steam exclusive Van Gogh chips), surface pro would've been much more attractive.

But honestly, the small screen with less real estate makes the availability of the full OS something extravagant rather than useful.
For me an ipad with ibooks (apple books) is the best way to read ebooks.
For pdfs, there's moon plus reader pro in android (for epub 3, it's inferior to ibooks).
There's no good software like that in Microsoft store.

For real work that people always claim that the ipad can't do, the limited real estate that the surface offers minimizes the advantages. The intel exclusiveness and terrible igpu makes it even less appealing. Then there's the thermals and battery life.
It would be better if Microsoft can actually improve upon ARM windows.
Switch 2 could be coming soon with nvidia's new chip, maybe Microsoft can get them to work on another chip for ARM surface?

It will most probably cost as much as Surface Pro - only google fans will buy it. More advanced users will buy Surface Pro with full OS, while for casual use people buy something cheap from lenovo. DOA product, unless we don't know something.