I was disappointed to see a 720p 6,1" screen in 2018, I expected to see at least 1080p (as seen on much cheaper Android phone)
But overall this iPhone seems pretty interesting, but I think it's better to wait the first test to see if it does really worth it
My first reaction is the same as yours. BUT Apple has a weird tall perspective - it's a narrow and tall screen. The actual resolution figures are different from what you would expect on a 720p phone:
"1792-by-828-pixel resolution at 326 ppi"
Compare this to the budget Noki 3.1:
"18:9 5.2” 1440x720 HD+"
So the new Xr is close to the Android phone lines new aspect ratio of 18:9 which is really 2:1. Widescreen TV is 16:9 for comparison.
The new form factor isn't "iPad" shape for easy (wider) page reading when held in portrait mode. It doesn't exactly fit Widecreen movies - it will have "black bars" on each end of the display when held in landscape mode (movie mode). (Compared the black bars on the end to the top and bottom "letterboxing" on iPads in landscape mode.)
I think the reason for narrow and tall is the assumption that people use phones in portrait mode mostly, and mostly to check their Facebook and Instagram feeds, which are well-suited to a "taller" screen.
Also the "taller" screen is easier for more people to hold in just one hand in portrait mode. A "wide angle" aspect ratio, 16:9, would limit the the number of people who can hold in one hand, and an iPad 3:2 aspect ratio would mean no single hand for holding.
SO this isn't going to replace my Nexus 7 as a portable media player since it is too narrow. But I'm sure a lot of people will enjoy being able to use it as an actual phone (narrower, easier to hold).
Why didn't Apple use the 18:9 ratio that's all the rage in Android-world right now? You've got me. I guess Apple can demand a custom LCD panel size and shape, they've got that much buying clout.