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YOU KNOW i've been thinking about this a while and can come up with a good spec for ~300 dollars using current gen materials-excepting the OS.

to be put out ~2015ish

console name- everyone's a gaming

dimensions 3"x16"x12" (typical desktop microatx case size)

specs
2 usb ports-front panel 2 in rear
hdmi -and -ONLY- hdmi video/sound connection
wireless internet connection
bluetooth for controllers
hd- disk drive (which ever version is Cheapest to produce/purchase)
Solid State Harddrive around 120gig
sd card reader

by 2015 the cpu/gpu marriage -should- be completed so i am looking at a multi core setup - on the same chip

2 ~2.5 ghz cpu's married with 2 ati "2900" class gpu's)

if not possible then a 2 core base cpu at ~3ghz with a dual core gpu setup (again around as powerful as ati 2900's in crossfire mode)

sound to be 7.1 channel dolby etc capable.

resolution 480p(i) 720p(i) 1080p(i)

OS to be similar to the xbox 360's setup.

no multiple SKU's
Retail price to be no more than $350 us.