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20nm wont be that much more efficient. that is up to 14nm.

And getting more compact ist much harder for PS4. PSU wont get so much smaller, harddisk and discdrive will stay the same size. That mainly leaves cooling and mainboard.
Xone uses a completely different cooling design, very conservative. Likely already could be packed together much tighter. With already less power consumption (=less heat) and so much free space MS could make a slim right now and an anorexic edition with 14nm. The latter one really should cut power consumption (and heat) in half.