Moto X should be the budget Moto X. It's got a Snapdragon S4 CPU, 2GB RAM, 4.7" 720p screen, no LTE - it's basically a Nexus 4 eight months later. Nexus 4 8GB was $300 contract-free when it came out, so I'm not sure Moto X can cost much more than that and still move units. Maybe the huge advertising budget will make a difference?
The ONLY cool feature brought by the Moto X was the always ready Mic, besides that the Moto X was a huge disappointment, and customization wasn't all that fascinating. Making a budget version of an already low spec phone is ridiculous, they should have released it Unlocked at a budget price with stock android. The reason that probably didn't happen, was Google didn't want to cannibalize Nexus 4 sales. Sad.
If any of you would read any reviews of the phone you would be aware that this is not your typical S4 SOC. It is Krait 300 based, which gives it a 10% performance boost over the older Krait 200 based S4. Also has an Adreno 320, which puts its GPU on par with every other high end device. The DPI at 720p on a 4.7" is more than good enough for any user, and the lower screen resolution allows it to KILL the S4 in real world game performance. Browser performance benchmarks, which are the most important benchmarks on smartphones, put the Moto X performance at or above the S4, even though its down 2 cores.