Yes :-) Just a little console that you can plug straight in (even to a TV if you don't mind the terrible resolutions) and use straight away. IMO the current A1s won't be expanded that much ATM anyway - while developers are still supporting the old Phase5 cards, I doubt that many programs will stretch an A1 to the max. And the A1 lite will be far easier to towerise (no custom towers etc needed).
How long do you think it'll be after the A1 lite is released that someone will try it?