The Meteor is the first in a family of bikes based on the same "platform". It is a direct replacement for a model that didn't come in to the UK - the Thunderbird - which was a mild custom version of the Bullet. The Thunderbird was a big seller in India, which is a much bigger market for RE than the UK.
The next version of the new 350 will be a replacement for the Classic & that should have been announced by now - blame the Chinapox for the delay, I guess. Spy shots of this version on road test have been posted for a while now.
Another version has been spotted in roads testing is a bit more stripped down and "modern" looking, with minimalist mudguards. In due course I would expect a basic Bullet replacement (the Bullet and the Classic are not the same bike) as a lowest cost entry level bike.
Also seen on the roads testing are a couple of differnt "custom" or "cruiser" versions of the 650 twin platform - RE seem intent on world domination !
I called in to a different local RE dealer last weekend - during conversation about the arrival date for the Meteor ("imminent" but no date yet) he said they had taken 29 deposits on them unseen. Yet to see an uncomplimetary report on them, they seem to be very good value for money.