It could make sense as a move to keep the cost down. It's not a bad move given that the price is the same as last year's despite inflation. The old sensors are absolutely great and they can probably keep them relevant for a little while longer given their Pixel 2-6a streak with the IMX363.
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Also rumors of the IMX787 ultrawide appear to be incorrect as well, only 48MP instead of 64.
I wonder what they settled for instead? The IMX586 maybe?
Time will tell if it's going to be magic in the software again, but I think it's going to take a little bit more than video magic eraser.