Yes, think of it as the Mac mini G4 to the Talos II's Quad G5. This comparison is not completely inappropriate because the T2L has only one CPU socket (the T2 has two) and thus only 24 PCIe lanes, split amongst an x16 and an x8 (the T2 fully loaded has two x8s and three x16s), and "only" 8 DDR4 slots (the T2 has 16). You can still cram one of the 22-core demons into one of those, though. Starting price is "just" $1399.99, though as with the Talos II the CPU is extra ($375 for 4-core to $2575 for 22-core), the RAM is extra ($255 for 16GB to $2950 for 128GB), and the storage is extra (Microsemi SAS starts at $300 plus drives, or a Samsung 960 EVO NVMe 500GB for $350, or a four-port SATA controller for $50 plus drives). You can also add the same Radeon WX 7100 workstation card that's in the big T2 ($800), too, or just use the same onboard VGA controller that comes with the T2 (built-in). It has USB 3.0 and dual Gig Ethernet, just like the big fella, though it doesn't seem to come with a BD-ROM.
However, the mini:Quad analogy falls down when you look at the actual size of the Lite. It, too, is an EATX behemoth, despite the leaner spec. Personally I would have hoped for something a little more manageably dimensioned. Raptor is taking about offering a smaller board but that would require a redesign and this was probably an artifact of getting it launched cheap(er)ly.
So would I have saved money with my T2 going Lite? Let's price it out: $1400 for the system (includes 500W PSU and EATX case), $595 for the octocore POWER9 (my T2 has two 4-core chips), $535 for 32GB ECC DDR4 RAM, $350 for the SAS card, $800 for the AMD Radeon WX 7100, $50 for the 4-port SATA card (this came installed "free" in my T2) and $350 for the 500GB Samsung NVMe SSD. Sticker price for that configuration is $4080 plus applicable tax and shipping; I repriced the same configuration for the Talos II and got a sticker cost of $7360, about $250 more than what I paid personally (the benefit of being an early adopter), so let's say a cost difference of $3300. That's substantial and a whole lot more palatable. $4080 is actually within Quad G5 range -- I paid not much less than that for my Quad G5 back in the day with the 7800GT and 8GB of RAM. A cheap SATA DVD-RW or something wouldn't add much more to the price if you want an optical drive.
There's a small problem here though: the Lite can't actually accommodate that loadout because there's not enough PCIe slots to get it all in there. In fact, I've got another 1GB NVMe drive to install in my T2, and I'm probably going to pull the now unused Sonnet FireWire/USB PCIe card (I prefer FireWire hubs) from the G5 to install in it too, which may mean temporarily pulling the SAS card until I'm ready to populate the front bays. Also, the Talos II out of the box doesn't support PCIe bifurcation, so I really do need both those slots for my SSDs. Per Raptor it can: with changes to the machine XML definition it could be made to "trifurcate" the x16 endpoint on slot 3 (CPU 2, PHB2) into an x8 and two x4, but that would mean that the available 4-way M.2 NVMe multicards would only have at most three slots available, and the system doesn't ship that way anyhow.
Besides, even if you did get bifurcation working on the Lite, you'd only have the remaining x8 for anything else which couldn't be used for an x16 workstation video card. UPDATE: Per Raptor, the Lite's x16 can't be bifurcated due to a hardware limitation, so that is only an option for the big system.
But let's say you're not a maniac like me and you want a basic "budget" config. Let's drop the workstation card and the SAS card, and drop to a 4-core with 16GB, and we have a $2430 system. Wow! Not bad! You've still got the NVMe card and storage expansion over SATA, and you've still got USB ports for audio and the onboard VGA. But you've used up all your PCIe slots, so let's hope you don't need anything else to go internal (let alone 3D acceleration). If you really want that x16 slot back, drop the NVMe card and add some SATA drives ($2080 + devices), but now you're starting to strip this system down more than you might like to, and it doesn't get much cheaper that way.
Overall, that $3300 really does translate into greatly improved expandability in addition to the beefier power supplies, and thus it was never really an option for my needs personally. Maybe my mini:Quad analogy wasn't so off base. But if you want to join the POWER9 revolution on a budget and give Chipzilla the finger, as all right-thinking nerds should, you've now got an option that only requires passing a kidneystone of just half the size or less. It ships starting in July.
Another interesting thing Raptor pointed out: in the Phoronix performance tests, the Talos was running with full Spectre and Meltdown protections, but the x86 wasn't! Boooo! And if you really want to turn Spectre protections off on the Talos for even more grunty, you can do that. Meanwhile, as we speak, Intel is making people take down their firmware documentation and trying to stymie efforts to reverse engineer them. What system would you rather support?