Current gen consoles tend to run hot, and are on the noisy side. A totally silent - and cool - console is technically possible...
Compulab's Airtop has no problem cooling a Core i7 and a GeForce GTX 750 Ti after all.
CompuLab is now licensing its Natural Air Flow technology : dozen of vapor chamber-like flat heat pipes, and multiple air-tubes for a very effective Stack effect. Just like our fanless PCs, a passively-cooled console would be not only quieter, but also less prone to failure.
Source:
Compulab