I wouldn't think there will be a slimmer ps4 for some time, not only is the console Tiny right now (even including it's psu inside that tiny case unlike the X1 and Wii-U) but also have you heard how little noise the PS4 makes while it's in operation, the only real audible noise I notice is when the drive fires up for a second to check that the right game disk in inserted to start a retail game... but even then the drive is only active while installing the game the first time or doing that check before opening software. I think it's actually the second quietest console infront of my TV right now, second only to the PSTV.
But yeah, current PS4 is tiny and quiet. I can't picture it being smaller without dropping out the PSU onto the power cord at which point it's less compact a system in total imo.
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