The reaction to this device is, like the devices themselves, very similar to the reactions to the iPhone SE over the 5/5S/6S which that was a hybrid of. Positive from people who value the low price option, negative from people who don't get that and seemingly only ever want ever-more powerful and expensive devices than anything released before.
I think it's great that Apple are bringing back proven hardware in a new combination at a lower price.
I would love a Mac Pro SE that took this approach - up to date specs in the old 5,1 form factor for a budget price... yes please.
And not to get into political stuff, but given the UK (where I am)'s political/economic situation, it's especially important if Apple wants to retain its level of sales here, because the price rises on existing products threatens to seriously damage Apple in the UK IMHO. Of course so does having ancient computers at those inflated prices too, but that's a whole other issue by itself.