When I looked earlier, I noticed that the Intel processors were still an option - the only option - if you want more than 8 GB of RAM right now. In their footnotes they say testing was done with 16 GB. I didn't bother watching the announcement, so I don't know if they mentioned anything about higher capacities becoming available soon. But I'm sure they will phase out the Intel versions once they can fit more RAM into the M1 chips.
It will be interesting to see what they do for people that need tons of RAM. I could see them adding external RAM to the motherboard for systems like the Mac Pro. Then swap to the external memory with the SSD as a secondary swap space.