With no Blu-ray drive they would need 2 HDMI-in ports. because without Blu-ray (and DVD) playback you need to have 3 devices connected to your TV to get the full suite of entertainment: games, Cable TV and physical media. If you can't plug both the cable box and your stand alone blu-ray player in to the Xb one then you no longer have the "all in one box".
I don;t see the original Xb one strategy working even with a discless box. I think the digital distribution only model will be subscription based, just like PS+, Onlive, and PS Now are / will be. Putting the Steam model into Xbox when the subscription model is already well established on Playstation would be a mistake. The Steam model is the past.
“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell
"When the power of love overcomes the love of power, the world will know peace."
Jimi Hendrix
