Bottom line - we all can wait for real world reviews. But with an 8-wide L1 cache decoder, a lot of L2 cache, dedicated paging buffer for the GPU cores, and likely a much higher bandwidth (not sure how many gbit/sec) memory interface, along with PCIe-4 SSD - means that this will depart a bit from x86 world, with Intel still operating on narrowed micro-architecture and needing to go outside of the SoC to access RAM - I'm still predicting much better performance considering 8GB RAM than limits you may find in the Intel/AMD x86 world right now. Owning several 8GB ram intel machines, and not being a video editor, I see no real issues at hand.
However, I do notice hard limits with texture swap for games, and a limit on the resolution before performance has a ceiling, but all limits a dev can work around to optimize performance and we all know Mac's ain't really gaming focused! However, for games pushing the limits on passively cooled phones/ipads, the M1 will absolutely crush them.
So for the vast majority of PC/MAC users, 8GB is plenty sufficient - and anyone coming in here to show us how they know because "their ram is full" can be ignored. RAM is supposed to be full, if you aren't filling it up, you bought too much for your specific application. Page files exist even if you have 32GB of ram, I know because I can see that on my 32GB desktop. We are quickly converging likely to a future where SSDs may obviate the need for dedicated RAM if they can get speed and latency, and random access speed on par with RAM - but that dream may never fully come as I'm sure RAM will get faster and faster.