Brakes are high end... for mechanical disc brakes. But not expensive at all. R&M mount hydraulic disc brakes on their Birdy.

Tiagra is for me definitely low end. Mid-end is Shimano 105.

Choice of transmission with 52x11-32 is also low end now and with a limited range.

Wheels are definitely low end = like on all normal Birdy versions. Very far from the Hubsmith wheels of the Birdy 11SP (both version, previous ETRTO 355 wheeled and current ETRTO 406 wheeled).

And indeed, making a (at least partially, fork is unchanged) aluminum new frame just for a limited edition is strange especially when nothing is said about any benefit of this new frame compared to the previous one (if we compare with the Ti Birdy, there was a lot of communication about the benefit of the Ti frame).

Again, when I look at this Birdy P40, it looks like an aborted tentative of making a Birdy 4. When you read the FB comments of Pacific Cycles in September, it was clear that this was a first appearance of a Birdy 4 while now Paciifc Cycles is clearly saying that there will be no Birdy 4 before 2025..