According to various rumors and photos posted on a Chinese forum representing the so-called motherboard, Microsoft is currently working on an Xbox 360 Slim.
CPU and GPU all-in-One

The card in question appears to be a review and which combines the CPU and GPU on one die 45nm. The heat sink cools the CPU but also the four memory modules 128 MB
We know that Microsoft has published a job for an engineer to design the motherboard, which seems to confirm our initial impressions, and especially the validity of the photos in question.
Xbox 360: Chapter 2
One can also think that with the release of Natal scheduled for the end of the year, Microsoft wants to provide a full update and a little more attractive console those who have not yet or not the early adopters willing to move to a more silent and consuming less.