Cerny: The second custom chip is essentially the Southbridge. However, this also has an embedded CPU. This will always be powered, and even when the PS4 is powered off, it is monitoring all IO systems. The embedded CPU and Southbridge manages download processes and all HDD access. Of course, even with the power off.
Where do you read "custom ARM chip"? It's a reasonable expectation for some embedded CPU to be ARM but there's no guarantee.
Sony says they'll include a big HDD with every console. I doubt they'll also include 16GB of flash. Vita has no spinning disc so it needs something.
AMD didn't license TrustZone. They licensed a Cortex-A5 which includes TrustZone (and other hardware parts like ARM's bus). There's a difference. We don't really know why they wanted it and we don't really know what makes sense for PS4 and what Sony will want to use.