I am thinking of a new design and technology: 4D stacking. Allow me to explain:
The console built like a gamecube; it is a cube so it has 6 sides.
The actual logic boards are on each of the sides, in a smaller 'virtual cube', with 3D connections between them and the memory in the middle. Cooling through heat pipes will be done on the backs of the logic boards, the chips are also on the backs, only the interconnects are on the inside of the virtual cube.
Also on the inside is a 3D heatpipe system allowing for cooling the inside of the virtual cube. The consoles can be stacked as well: the left and right sides have extra ports, and they can be daisy chained in theory: This would allow for 240fps GT6 or quad HD GT6 for example.
People can upgrade their systems to allow for better graphics.
the BD drive and HDD will be on the bottom. power supply and input / HDMI ports on the back. the front will be made of black glass, but with an OLED display inside. The black glass will be touch screen, and with the OLED behind it can be reconfigured. Or even password protected.
It doesn't need to be a cube (same dimension sides) it can and would look better being rectangular in design, but it needs to have a certain height or else the 4D stacking will be less efficient.
Also the black glass hides an NFC interface; you can carry your gaming profile on your cellphone and login on every device using your own profile/account, just by holding your phone next to it and possibly also entering a passcode on the black OLED glass screen.
That's how I imagine the PS4
edit: of course, it would be backed by an improved PSN, so you could resume your game from any PS4 in the world. Even if it doesn't have the blu ray inside; it will just stream the current location/ assets / level from a cloud.
This would mean that every game you buy is tied to your account
but so be it, it would be convenient as a motherf-
edit2: the bottom would be 'modular'; you could buy a PS4 without the BD drive if you already have one and are daisy chaining, or don't plan on buying disc based games.