If true, I personally won't be that bothered, as long as they don't use the Apple model of starting at 16gb then charging another £100 for every internal memory increment. That's just totally unpalatable when you can get 128gb sd cards from online places for next to nothing.
If the design is exceptional as a result of the omissions, this would also help appease my wrath!
I don't know how much media people need to store on their phones, but with the probably size of the Note 5's camera and 4k recording, anything less than 64gb basic would leave a sour taste. That said I do think people are lazy with mobile phone media...never transferring files to their PCs or the cloud, never uninstalling unused programmes, etc.
The thing that concerns me more is the battery. I'm still on a Note 2 and my purchasing strategy is to buy the latest and greatest sim free, then run it for a long time. I've just had to replace my Note 2's battery, so if that's not an option in the Note 5, I'd consider going for the Note 4 instead.
Also a lot of people obviously carry spare batteries for emergencies or when they can't get to a charger.