So it will just be a cheaper version of the 8, not a smaller SE-size phone. Might as well just buy the regular 8 now and not wait.

The defining quality of the SE model is its 4" screen size. If it's a 4.7" screen size then it's not an SE - at least not to those of us who love the SE. It's about size. I want a modern, 4" phone with a camera sufficient for taking snapshots and pictures of whiteboards.