Might this be what started that 16GB of RAM Rumor?

[walsufnir]

OdinHades said:

walsufnir said:
The flash there is still a mystery to me and its purpose is unknows to almost all, aside from speculations. It could serve for the (crappy) BD-Live or something... But then emmc 4.5 would be overkill. It could also be used for pausing/resuming bluray-playback, bookmarks on blurays and all this things but I think until launch we will know!

It's most likely to store the Firmware/operating system or at least some important stuff of it. It was handled the same way on PS3 and 360. The consoles would be a lot slower if everything of the firmware was stored on a hard drive.

I came to this because of where it is located.