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Idk, I just don't see it happening mainly because of the Hard drive.  Even if they only slim it down by a fourth or fifth they still wouldn't be able to fit it.  And I don't think it would work even if they made a compartment on the side to put the HD in.  And I don't think MS would take away interchangable hard drive's.  Also there's the massive power brick, which would look gay by a slim console.

Its might be possible to slim it down by a little but anything more is unprobable.