I'm assuming that the Logitech wheels will be aiming at the cheaper end of the market rather than battling it out with the T300.
My theory is that in order for Logitech to be able to get their older wheels to work on the PS4, they had to have an 'official' PlayStation compatible wheel. To do that they probably had to line Sony's pockets with money. So to justify doing so, they had to make a new wheel which could at least recoup some of , or all of, their investment. The easiest and cheapest way that Logitech could make a new wheel is by utilizing their existing technology and r&d. That's why this wheel looks like it is made up of various parts of other Logitech wheels.
If my theory is correct (it probably isn't), what we essentially have is a reliable PS4 wheel, that should handle anything that an average gamer can throw at it, it will give reasonable ffb (G27 tech), have decent quality pedals (again, same as the G27's which are arguably better than the stock T300 pedals) and it will fill the gap below the T300 for good all round SIM racers that can't afford a T300.
Logitech are being quite clever...... Unless they overprice the wheel (and separate shifter) in which case they have wasted their time/money/effort.
We will only know the complete story after their announcement, until then we're all guessing at the exact details. It will be interesting to see how Logitech are going to market this new product.