We get a base-level chipset of course, but its of the latest Qualcomm lineup and it should do just fine paired with a 720p screen. And since it requires less power and theres a smaller screen here, Motorola might easily get away with the smaller battery. The unmatched body customization options of Moto X are gone too, but the(very cheaply) replaceable back covers still let you add your personal touch to the smartphone. A well rounded package indeed.
PROS
Good camera, good battery backup
And the lollipop version of android is the attraction