I was to edit but as you posted in the mean time
I forgot one virtual machine, which would have no access to the GPU all, the "idle" state virtual machine that deal with background download, etc. when the system is in sleed mode.
I could put it that way.
You have 8 cores, from 0 to 7.
When the system is plugged:
Core 0 is started, booting the OS (/minimal win8 kernel) and hypervisor.
May ask you either to create an account or would automatically log you (no acces to the GPU ala safe mode in windows)
Once the system is logged.
You have three choice, the sleep, mode, the UI mode and the game mode.
Say you go into UI mode by default.
THe hypervisor check online to start the proper virtual machine.
That machine as access to up to 3 cores and most likely only a fraction of the GPU power (GPU in low power state, /real low clock speed, eSRAM is shunt).
Now core 0 run the underlying OS+ Hypervisor (around peanut in cycles), the driver+API for the virtual machine (or part of of it).
The three cores (1, 2, 3) are fully available to whatever you are doing from browsing to kinect, etc.
You start a game.
the UI/ "visible OS" virtual machine fold onto core 1 only.
The game virtual machine is deploy on the cores 2, 3, 4 ,5, 6, 7
Now core 0 runs the OS+hypervisor (should be around peanuts in cycles), the API+drivers for thee UI virtual machine (which now should pretty low as far as CPU usage is concerned even if kinect uses some GPGPU implementation), and the API+Drivers for the Game machine (which should take the bulk of the cycles) (or part of both).
The 6 cores from 2 to 6 are freely available to the devs.
Now you switch to the UI, the core 2 to 7 are fold onto the cores 4 to 7. etc.
Now the scary part, the idle mode, I guess that on top of managing background tasks, the Core 0 while running the "sleep mode" virtual machine have to have access to Kinect, at least partially so it can recognize a restricted set of command able to pull the system out of sleep => big brother
Edit wrt to the requirement (in resources) to do voice recognition I could think that actually it is handled by the cloud at least for a limited set of case, low power state could one of those.
The idle system could monitor the DB in a room and specific spike in db that could trigger a search on the cloud. I'm kidding wrt to Big Brother, for the obvious reason of costs...
EDIT
With the lack of reaction, I fell pretty lone now, just as if I wrote a bunch of nonsenses...
Anyway that looks pretty efficient to me. 1 cores for the service while gaming, another that run the Os+Hypervisor and run a part of the fused API+driver subsystem, then the cores handling the games as usual I would say.
If it functions remotely close to that it is far from a waste of resources, like only 6 cores are available, insert system comparison, etc.
It could the system to real low price tag once 14nm process hit the road, a price tag that the ps360 failed to reach till (and even lower with subscription).