So, if all this pans out to be correct we're looking at another lower cost Lumia headed the way of T-Mobile. That's not a bad thing, not at all, as the Lumia 521 proved. But we're sure there's more than a few of you out there itching for another high-end device with a Magenta flavor. At least with the 635 we'd be getting 4G LTE in a lower cost package.
It's all still rumor until either T-Mobile or Nokia makes it official, but given the track record of the source it's not at all inconceivable that it's true.