I think this would be amazing for Samsung but not bright for Microsoft.

Microsoft knows first hand that you can't rely on other companies for hardware like Nvidia for example. Imagine putting your entire console in one companies hands. Firstly you would need to know that the company will still be your partner seven years from now when the generation is over. If your two companies fell out before the generation ended you could be screwed even with a contract Samsung would find a way to ditch Microsoft and MS would be up shit creek.

Then their is backwards compatability and such. If everything goes digital in 2017 they may be okay, but lets say you still need to use a disc format or some of the technology Samsung incorporated into the console other then simply being the manufacturer. Well guess what Samsungs got you by the balls. Look at what Nvidia did with Microsoft when MS wanted backwards compatability with the original Xbox.

Using some third party parts in a console is one thing, especially when that third party has worked with you for a very long time and is very reliable. But for Microsoft to put the entire console in Samsungs hands is pretty much grabbing a gun loading it and giving it to your insane girl friend in hopes she stays with you.

Look at the past when Nintendo did this kind of shit CD-i and PlayStation were born. Then Microsoft relies to heavily on Nvidia and you have Xbox. Microsoft would be foolish to intrust its entire hardware operation to Samsung unless Microsoft invested a good amount of money in Samsung shares. If Microsoft was to go third party they would likely go PC style and give multiple manufacturers a chance to build Xbox devices. But that would make Xbox into a PC essentially and I don't think many gamers would like that idea! In fact I'm not sure the developers would like the idea of multiple Nex-Box's from different companies either.

It looks kind of like a cross between a Wii and a closed netbook. 

If they're able to pen a succesfull & clear deal with Samsung this could be beneficial for both companies. And Samsung & Microsoft have had a good relationship in the past.

As long as they continue to have good deals with IBM & ATI (Which I hope will be the CPU & GPU manufacturers for the (Next Box) adding Samsung to the family could be a smart move. (Putting EVERYTHING in Samsung's hand would be a bad decision  though)

But I'm sure Microsoft has it all planned out by now, and will take the moves they deem best, with 2 generations of experience under their belt, they should hopefully make much less mistakes than in the past. :)