*I know that the slim models aren't coming out anytime soon. Just curious on what everyone thinks they will be like*

Xbox One:

1TB Slim model w/ Kinect @ $449.99

1TB Slim model w/o Kinect @ $349.99

1TB digital-only Slim w/ Kinect @  $349.99

1TB digital-only Slim w/o Kinect @ $299.99

PS4:

1TB Slim model w/ Morpheus @ $499.99

1TB Slim model w/o Morpheus @ $349.99

1TB digital-only Slim w/ Morpheus @ $449.99

1TB digital-only Slim w/o Morpheus @ $299.99

I also believe that while both companies will officially have 4 SKUs, they will advertise mainly the two base SKUs that don't include peripherals, while offering the peripheral-included SKUs as a side option.

Also, I believe that both Sony and Microsoft will push the digital-only consoles the most in order to make a higher profit-margin with software. For this, the digital-only versions will be bundled with a AAA game or two, like Halo 5 or Uncharted 4. Also, the digital-only versions may have more color options to make them more appealing. 

Nobody is making a 400+ SKU for a while, PS4 Slim would basically be about two CD cases thick. Digital consoles will definetly be pushed near the end of the Gen, at the same time though, a disc drive is relatively low cost and take up little space.

Cooling and chipsize would probably be the most concern.

Like I said, down the road. But even then, $400+ isn't too bad if you take into account the discount you'll get from not having to buy Morpheus/Kinect seperately. 

The disc-drive doesn't cost much, but the digital-only consoles must be competitively priced to sell.

XBO will almost certainly get smaller, so I think that's going to be a radical change. I'm curious to see how small Sony/Microsoft can make a digital-only console. I mean, disc-drives tend to take up a fair bit of room.

Id be surprised if the Xbox simply lost the brick.

I hope it does. Bricks are hard to deal with :(

I don't think there'll be all digital ones. I think PS4 slim will come out in September of 2015 possibly but most likely September 2016 and will be $300 or less with 1tb HDD as you said

I think it's up to MS to lead in the slimming down/HD expanding department, which will probably come soon in 2015 with an inevitable price cut. I also expect the Kinect bundle to be completely abandoned by Spring 2016.

Sony probably won't touch the console for another 18 months, they really have no need to tinker with it.

I dont think there will be a morpheus bundle.

I think there will be budget versions like the 12GB PS3, except for PS4 and X1 it will probably wont go lower than 120gb.
There could be a 1tb or it could be 640gb, 750gb. PS3 literally had all sizes available across the years.... 40/60/80/120/160/250/320/500

I don't think we will see digital only consoles this gen. And as for slims, simple...

PS4 Slim: Console sold exactly as is but slimmer and with 500GB $199/$249(max)
This console should be coming in 2017. Reasoning for this is that I expect the PS4 to be dropped to $300 in 2015 and by 2016 we will have the PS4 as it is today but with 1TB HDD sold at $300. So by 2017 the slim version wil come out with a smaller HDD (simply going back to 500GB) and a lower price point to do for sales what a $300 1TB PS4 can no longer do.

XB1 Slim: Basically almost the exact same thing but this one is a little tricker. 500GB@$199/$249(max)
The tricky bit about this SKU is the timing. If XB is losing heavily to PS by the end of 2015, this will definiately force their hand in 2016. First off I expect MS to be the first to go below $399, and be the reason both consoles will be at $299 at the 2015 holiday season. If that doesn't slow down the PS4, then MS will have to drop price again in 2016 and the only way I see that being possible is with a complete hardware revision. So i expect the XB1 slim to come before the PS4 Slim this time around in 2016. I basically expect it to shrink to the size of the PS4.