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JEMC said:

Now the question is, what does that tiny die do?

Probably an SEEPROM (like on the Wii). This chip basically contains an array of memory, some of it is written at the factory, some of it can be erased and reprogrammed "on the fly". It is used for security measures.

(otoh, we haven't seen a picture of the rumoured ARM processor or the DSP chip yet)