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Its already known that the M2 line is more of a refresh than a big step over the M1.

Sure, but you'd think that an extra years delay would deliver more than just a Mac Studio chip in a new form factor.

Not really. Apple doesn't change form factors much - the Mac Mini has tons of empty space but Apple hasn't redesigned it at all from the Intel era.

Also, this is Pro equipment. Form factor changes cause frustration, not joy.

Also frustrating is that until this morning Apple would happily charge you full new retail (and margins) on a 2019 CPU.

I love my cheesegrater, and it's great for the workloads. But I can't see any real reason to go to this Mac Pro versus the Studio.