PS4: 275mm wide, 53mm high and 305mm long
Xbone: 343mm wide, 80mm high and 263mm long

Official sizes.

There looks to be a light bar that wraps around the PS4 as can be seen in my sig I would like to know is this an actual light bar that will change color like the PS4's controller? or just colored plastic?

I think all consoles took a step backwards as far as design. Shockingly enough, I like PS4 more than the rest.

The PS4 seems like an eraser from side * sorry I just can't found another picture to show what I mean *.

I am an Xbox fanboy but I like both console designs but like someone else said here, it's what's on the inside that counts and the games. Actually the PS4 looks almost like the Xbox One with that two-tone glossy/matte finish. I don't know why Sony hyped up the console reveal so much and make us wait, it's really nothing special. It's just a simple box like the Xbox.

Where are the cooling vents on PS4?

XBone and PS4 look almost the same to me. If the PS4 is smaller than thats a plus for me but I wouldnt one over the other just because of design. Both are not repulsive but not good looking either. Wii U does look the best but its pretty bland too. I liked the DC/PS1/Euro SNES and PS2 Slim Design but its really not a factor for me.

I don't think its that much bigger neither one can decide if it wants to be glossy or matte.  Both should look a lot better once they get their first redesign.

PS4: 275mm wide, 53mm high and 305mm long
Xbone: 343mm wide, 80mm high and 263mm long

Official sizes.

PS4 is even small than PS3 Slim... I guess even than the Super Slim.

Both the PS4 and X1 are pretty ugly the Wii isn't a whole lot better looking but it beats both.