The Switch Lite is created to be exclusively portable. This is meant not as a replacement, but as an alternative to the standard Switch, which could be getting some hardware tweaks of its own.
Of course, it's also possible the new chips will bring none of these improvements.
The newer chips could result in a number of improvements for the home-cum-handheld console, including fewer slowdowns during particularly graphically-intensive and expansive games (here's looking at you, The Legend of Zelda: Breath of the Wild), faster load times, less heat, and most important of all, longer battery life. The controllers of the Switch Lite are also built into the system, and the left side sports a +Control Pad, something not featured on the removable Switch Joy-Con remotes. But still, this is a welcome development, especially for current Switch owners who primarily play on the go.
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"Adding Nintendo Switch Lite to the lineup gives gamers more color and price point options", said Nintendo of America President Doug Bowser in a release. For more details on things like Amiibo support and transferring between consoles, check out everything we've learned about the Switch Lite.
But other than that, you'll be able to play the exact same games that you've been playing on the Switch. Those hoping for a sort of "Switch Pro" model with higher-end features should note that the Switch Lite is the only new version planned for this year.
Bear in mind that the Nintendo Switch Lite Zacian and Zamazenta Edition will be a Limited Edition Nintendo Switch Lite.