While there is always some work being done on the exterior design of an upcomming console, no company really comes close to a "final" design until right before the (officially) display it for the first time ...
At this point in time I would expect that most of the effort would be towards determining the form-factor of the console, and creating sketches (and possbly 3D mock-ups). Most of what was done would be over-styled in an effort to come up with a "bold" direction for the design, to then make a much more refined (read simpler) design.