It seems unlikely that the H2O edition 2 will replace the Aura One, since it already replaced the H2O edition 1 and does not have all the features of the Aura One.
Currently Kobo seems to have three lines, the Kobo Aura edition 2 - their base model, the Kobo H2O edition 2 - their second tier mode, and the Kobo Aura One - their premium device.
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