This iPhone could have never ending battery life, a nuclear generator as a SoC... I don't care.
With 1 GB of RAM, we know people will be getting screwed when they buy one. To a lesser extent, it already happened with iPad Air, mini retina and even the 5s. What a bummer, if true.
Since the a7 is already limited by the 1 GB of Ram, they might as well use it on the next devices too.
With the iPad's you at least got a decent screen resolution, with these rumours it seems you'll be screwed both on the screen resolution AND the RAM. And no doubt Apple will charge you more for the privilege.