Sounds fishy to me. ICs last pretty long unless they get HELLA hot and with that huge fansink shown, I wouldn't think that would happen. I would assume this is BS, someone trying to respin that whole RRoD fiasco from years ago. Manufacturing techniques have improved since then, I'm fairly confident we won't see mass scale hardware death in just a few years' time in next gen.
For what it's worth, in some ways, modern manufacturing processes can be better characterized as being smaller, not better. Flash memory's rapid drop in write endurance is a highly visible example of trends that also influence other products built on silicon.
The last I saw discussion on this for mainline x86, many nodes ago, the goal was something like a decade at least, so the three year period and even the "better" five year rumor sound pretty bad. I'd hope this rumor is false because the "improved" time seems too short for a console generation.
However, it was far easier to stave off problems with electromigration, mechanical strain on structures like vias and insulating layers, chemical diffusion, and gradual shifts in transistor performance characteristics when everything was 8,16,32 times larger and the chemistry involved was only crazy, not unbelievably insane like it is now.
Even if metal doesn't migrate across a junction and short out the chip, shifts in transistor performance can slowly cause circuits to misbehave before outright failure. One example is the mis-specified transistor that slowly degraded in the original Sandy Bridge chipsets.
SRAM's longevity and the degradation in noise tolerance over time is a heavily researched topic.