From what the articles say, the will be a premium version as well a cheaper, handheld only version of the Switch. The premium model is targeted at videogamers, with a more powerful experience. To note is that this model will not be as powerful as both the Xbox One X or PlayStation 4 Pro.
The second, cheaper version of the Switch is being developed for casual gamers. Think of this model as being the successor to the Nintendo 3DS. The article on The Wall Street Journal also points out the cheaper model will likely lack features like HD Rumble.
As for when we can expect a reveal – E3 with a release sometime in the fall.
I believe if this is true, the idea of a new Nintendo Switch model is a good idea. When the Switch launched in 2017, the console isn’t beefy in terms of specs at all. By releasing not one but two new models, Nintendo covers two markets and continues to thrive thanks to both of these models.