next year we get the M6 Titanium and then the M7e
Though a bit disappointing that it came with a $100 (almost 10%, above inflation) price bump. There's not much point to a spec bump when it's paired with a price bump, and faster specs for more money is usually an option. This negative price-sensitivity is particularly important for a model (Air) that caters to casual users, who typically aren't at all begging for spec bumps, and certainly not willing to pay much extra for them.
Yes the new cheap macbook will fill the gap below it, but the new MBA's don't seem like great value play. I recently bought a new old M2 model for roughly a 40% discount for my girlfriend and the value is insane. Same ports, screen, battery life, same formfactor/weight/keyboard, same software, storage, memory. Only it doesn't have the latest fast M5 chip, but for almost all Air users I think that's not a necessity. Certainly my gf wouldn't experience a difference in the next 6-8 years of use I think she'll reasonably get out of this thing.
Which is a fantastic position to be in, Apple creates so much value here that older models are amazing and affordable. But new models just don't seem very interesting to buy.
Kinda is, kinda isn't.
The entry-level option however does constitute a forced bump in minimum-spend on the part of the customer of $100, even if in a spec-vs-spec comparison there is no bump. And you can argue this isn't great for an entry-level apple laptop mostly for casual users that don't need or are willing to pay for 512gb.
But the cheaper macbook is set to be announced tomorrow, probably filling some of the gap the M4->M5 left behind. So I think that probably neatly resolves it. Looks like it all makes sense.
(I'm still surprised Apple isn't bumping their prices more due to RAM pricing, but maybe they're absorbing a little bit of their margins to potentially increase market share.)