This whole scenario is ignorant of the speed in which technology is developed. To set the technological limits of a next gen console several years before it's release is just silly. It sounds like you'd like a next gen console with backwards compatibility today and this is an excuse for why they could release it so early.
Also, there's going to be load times no matter what. You can increase the bus speed, but you'll always still be limited by the media. At this time, you're not going to spin a DVD any faster and it's too expensive to increase the speed of BluRay (at this time of course). That's where installs come in, as hard drives have a much faster seek time and a much faster load time. Textures don't magically appear in memory. They have to be loaded from the media and transferred. The media is the bottleneck.
PS - I don't know if any of this was mentioned. I got bored of reading without giving my input ;).
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