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The reason Microsoft actually admits is that they didn't want the power supply internal to save space & help prevent overheating, it's not a half bad idea to not have it internal to keep the system cooler but we won't know if it makes a difference for some time.
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Ah. Thanks dude! At least I was partially right. And one thing I was going to say was that I thought it was a good idea so the console itself wouldn't over heat like the power supply does. But in the long run I guess it's just Microsoft's design.