All this is true! Pricing will be very important when deciding if the RX5500 is worth something.

I would guess that we will see RX590 level performance, at a much lower TDP and power draw, and the lower VRAM. It will really be geared towards 1080p gamers who might not mind the decrease in VRAM and my guess is it will fall somewhere around the $200 mark (less than the 1660 as you rightly point out) to make it worthwhile. Too much more than that and it might not be worth it, and as you said, let’s hope AMD is not comparing 1650 performance at 1660 pricing. The VRAM is a big factor too, but the GDDR6 memory at 4GB should still compare well to the 6GB of GDDR5 memory on the 1660 though.

Whether that makes it a better buy than the 1660 (vanilla or Super variant) will depend on exact pricing and final benchmarks!

Though it makes no sense to compare it to the 1650, then price it as a 1660.