The good news is that Microsoft has already stated that it will not be introducing any devices with less than 1GB RAM which comes as a relief for windows phone fans. Windows power user portal has listed some features which might be affected after the update are listed below
Ability of the application to track location of the user by continuously running in the background Turn by turn navigation feature will also be affected on devices with low RAM HDR feature will capture images with low quality due to limited support for resolutions. The users will also not be able to merge photos taken from different exposers. VoIP application may be affected if a heavy application is running at the background. In order to avoid this issue, it is better to close the application before making a VoIP call. More than 97% applications will be supported