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Chris Hu said:

If they would use the latest chips 22nm then it would be a lot smaller but they use what currently is the most used and cheapest so they use 32nm.

You haven't seen the MB.  On the right-side of the MB, essentially the right-half of the console as you see it, is a giant empty space, which sits in the middle of it a small processor.  At least compared to the space around it.  The reason for that space?  Cooling.  The Xbox One not only employs a massive cooling fan, like the Xbox 360 S has, but a large heatsink and heat pipe system.