As I see it, specs are better than initially advertised. And they seem balanced. And enough for a phone that can also do some level of desktop - my comparison point being a full laptop that has root+home at 28GB and uses 2 to 2.5GB memory to run full desktop, several progs, streaming and browser tabs (and this is not a “light” anything). My daily use hasn’t changed much in years - probably less as FF uses memory better now. External storage (memory card, netdrive) have the rest, just like with the phone. For heavy lifting I’ll still be using proper tools. Even with increased specs L5 (or any phone) would not fullfil even half the needs for something big and heavy. It does not need to.
(edit: adding about screen - 720 on a less than 6" is enough. Original promise was 5" touchscreen. Full HD would suck more battery, wouldn’t it? As I said: balanced.)