The significant amount of venting on the Xbox One allows for a number of short and straight paths from the heatink to the exterior of the box. The upper vents may compromise its stackability, but passive or almost passive air flow could be enough for that setup at the low load power modes.
Sony's solution is compact, and it seems to leave the broad panels unvented for stacking or aesthetics, but it looks like it relies on more directed and actively driven airflow.
These are my thoughts as well. Assuming the heatsink for the APU is large, it might be designed to run entirely with passive cooling except when there is a game running. At that point any game sounds will drown out any fan noise in a sound proofed room (like many home theater setups).
For something like that, you definitely DO NOT want any fans running period when watching a movie. In room like that even the quietest fans are quite noticeable. Hence why actively cooled A/V receivers aren't terribly popular (are any still made?). Also why A/V receivers with integrated amplifiers are often very large with most of the space inside being empty except for some relatively beefy heatsinks. It's all about the passive cooling ability when they might potentially be in a home entertainment cabinet with other electronics stacked on top.
My relatively high end Sony A/V receiver/amp features most of the venting on top, but due to how boxy and open the inside is, it doesn't suffer from lack of cooling even with other equipment stacked on top of it.
I really don't think stacking anything on top of the Xbox One will cause any issues with cooling unless you are stacking something on it that wasn't designed to be stacked in a home entertainment cabinet.
IMO, from a home theater POV, I think MS might have been better off making the Xbox One even a little bit bigger to enhance the passive cooling capabilities. But I'm guessing it's as relatively small as it is (for A/V equipment) to not draw comparisons to the size of the original Xbox which many thought was too large.
I fully expect the PS4 to be quiet, but louder than the Xbox One. Especially as it doesn't look like passive cooling could be an option with the design they have chosen.
Interesting that Microsoft went with a hybrid design heavily weighted towards A/V equipment design with a nod towards console design (next gen gaming making a purely passively cooled design extremely difficult). While Sony went with a very console oriented design.
Regards,
SB