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It's harder for Microsoft to do a slim because the power brick is already outside of the console.

Like the PStwo was damn easy to make because there was a huge hole for peripherals in the PS2 which they got rid of, took the psu out of it (which got rid of the fan) and used a top loading disc drive. I don't think that much inside it changed at all.

Microsoft can't do any of that with the 360, other than change the drive.