I still say they should have called it the Swontch (won't switch).
Overall, I think it's a smart idea to come out with a lower-priced handheld model, as I think it'll have more appeal for families. And of course it makes total sense and we all expected something like this to release around the time of the next Pokémon, so I'm not surprised in the slightest to see this announcement. In fact, I'd have been very surprised if this didn't happen. Though, an even lower price point may have been ideal.
It isn't a device for me since I pretty much always play on a TV. I don't particularly like the colour options either. The form seems fine for what it is, but it's still no 3DS without the ability to fold onto itself.
One thing that I think they should have done is still allow some way of connecting to a TV, in order to still have that "switch" option, even if it required some kind of adapter sold separately. I know they wanted to keep the "Switch" branding, possibly to avoid a similar confusion as the 2DS, but it still seems a little odd to keep the name without the functionality.