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If they use ARM cores for this and then if they are next years cortex A15 then that is not much at all regardless of how many as per core performance is far less than the 360's POWER based cores if there x86 there is no way they'll get it that cheap EVER.

The GPU is also tiny even if both GPU's are added together that's only 112 ALU's the 360 has 240 ALU's and between the xbox to the 7970 AMD best GPU that has 2048 ALU's the per ALU performance has increased only 37% so would be slower.