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Based on the GPU implies some customization. Plus graphics hardware in consoles can, I would estimate, reach performances two "PC" generations above their own. With TV resolutions probably not going up in the next 5 years (totally my own estimate), such a graphics card would be more than capable of 1080p 60FPS, and stereoscopic 3D.
And then it would be cheap, low power consumption and low heat generation, which means less cooling (cheaper), smaller unit, smaller box (cheaper transport), lots of profit, UEEEEEEE
:)