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It will limit the amount of photos/music/etc you can store, but since most (if not all) of the applications are cloud based, you don’t really need significant onboard storage space. Think about your tablet and smartphone. On my tablet, which I generally use at home with a good WiFi connection, I have almost no music or videos stored on the device, so on device storage isn’t as important. On my smartphone, I tend to listen to music when I am away from WiFi and often don’t have strong cell coverage, so I use much more storage. It comes down to how you use the device and where to determine if it really matters to you.