The specs seem fine. What do you want it to have? Anything more would likely be impractical from a cost standpoint. Not many people are likely to spend $1000 on a console.
As for the name, if the rumors are to be believed, there may be two versions of the console at launch, hence why they are using "series" in the name here. For example, there could be a version targeting 4k, and another targeting 1080p. If that's the case, the word "series" might get replaced by something else in the actual product names.
Where do you get that from? They're comparing it to the Xbox One X, and that console already offers a similar level of graphics performance as a 5500 XT. Double that would be around 5700 XT levels of performance, plus hardware raytracing, likely making the hardware faster than an RTX 2070.
Not really. Bear in mind, the Xbox One X only came out 2 years ago as a half-generational premium version of the console targeted at those wanting to game at "4K". It's not like computer hardware is massively improving from one year to the next either, so I wouldn't expect much more than that.
And as far as RAM is concerned, PC games have only recently started to significantly benefit from having more than 8GB of system RAM in demanding titles, and that's for the game, OS and any background applications combined. So while putting 16GB into a gaming PC is now the norm, a good chunk of that memory tends to still be sitting unused while gaming. And sure, that's unified memory also serving as VRAM, but that also likely means that games should be able to make more efficient use of it, rather than having to transfer data in and out of graphics memory.
Additionally, the console will utilize fast SSD storage in place of the hard drives found in existing consoles, so it should be a lot easier to stream data into memory on an as-needed basis, meaning the console shouldn't need to store as much in memory at any given time for a given level of detail. Current PC and console games operate on the assumption that loading data may be slow, so they hold more data in memory than they would have to if it were guaranteed that it could be loaded quickly off an SSD.
They didn't show the back, so it's very likely that there may be additional intake vents there. Plus, due to the efficient tube design, they may not need to move a ton of air through the system to keep temperatures in check. As the article mentioned, the case looks similar in design to that of a Corsair One, which manages to run both cool and quiet using a single large fan at the top to pull air through all of the system's heatsinks.
I rather doubt that. The whole point of water cooling is that it allows for a potentially larger array of cooling fins than could easily fit directly over the CPU, and allows them to be relocated to a position where they can either exhaust heat directly out of the case, or draw cool air in. In this design, none of that should be needed, since the case is pretty much a vertical tube that will likely exhaust heat directly out the top after pulling it through an array of fins attached to the CPU/GPU. Cool air will be drawn directly into the heatsink with warm air passing out through the top without recirculating through the case. The Corsair One does feature water cooling, but that's using a lot of off-the-shelf components, whereas this system's processor and GPU will be integrated into a single chip on a specially-built circuit board, and they can shape all the components as needed. Additionally, water cooling tends to be less reliable, with the pumps in all-in-one coolers having a tendency to fail after a few years or so, so it seems unlikely that would be something used in a console that's intended to last, without user maintenance, for an entire console generation.