Xbox 2 will be sleek, and not as clunky as the original. I wouldn't be surprised if it was acutally a nice brushed metal, or something similar. Their vision for the next box is to be the heart of your home theatre. Play DVDs, games, music, stream music/video - basically everything our Xecuter boxes are capable of. With that in mind, they are going to want the design to match the motif of a home theatre system.
What interests me is what Xecuter will come up with for Xbox 2.