The Galaxy Ace Style starts with specs similar to the Galaxy S2, and then shaves off a couple features as the price drops. This smartphone has a 4" screen with a resolution of 480 x 800, just like the S2's slightly larger 4.3" screen.
It's running Android 4.4 KitKat on a dual-core 1.2GHz chip with 512MB RAM, 4GB Flash storage, and a microSD card slot. It has 2 cameras (5MP and VGA) and a 1.5Ah battery.
In terms of connectivity the Galaxy Ace Style has Wifi, BT, and NFC. It's going to be available globally in black and white, so cellular connectivity will vary based on the market.
According to Samsung, the European price will be 149 euros
around 200 to 300 euros (I don't have details for other markets). That doesn't really strike me as a budget priced smartphone, but Samsung probably sees it that way.
The Galaxy Ace Style strikes me as a phone whose performance will be too laggy to be good for much more than phone calls. IMO that makes it a feature phone more than anything.
As I was writing this post I was reminded of the fact that Samsung over prices and under-builds their bottom of the market devices. That's what they've been doing with the Samsung Galaxy Tab 7.0 tablets, and it is a good description for Samsung's budget smartphones like the 2011 Samsung Galaxy Ace. That had only 384MB RAM, an 800MHz CPU, and a 3.5" screen, but it retails for $199.
While the Galaxy Ace Style is a slight improvement on that older smartphone, I think the specs (and more importantly, the resulting performance) are too low to really call it a smartphone.