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supercat said:

I imagine that they are likely true.   I also think that since the 360 start out slightly smaller than the PS3 did, that it started off with a more cramped design that it wont be able to duplicate the slimdown that tthe PS3 got.  

I dont think that it will be as large of a cutdown, but I definitely think that it will be enough to equalize things for the 360 and the PS3.  It will set the PS3's catchup with worldwide HW back until 2012 is my armchair prediction. 

Will this be a big thing, or just a "meh" like I think?

Big thing is the price.  Can Microsoft slash prices again and not take a lost on the system due to the redesign.  The actual shape the 360 is in is a meh.  The PS3 increased in sales due to price cut, not the new look.