Is this our first look at the Xbox 360 Slim?

Is this new chipset the Xbox 360’s answer to the PS3 Slim?  The board in question is said to be code named “Valhalla” and features both the Xbox 360 GPU and CPU on a single die.

While it’s presumed by Hexus.net that the combination of the GPU and the CPU is made possible by a die shrink to 45nm, none of the technical specifications have been confirmed by an official statement from Microsoft.  The reorganization of the  I/O port positioning, and the overall size of the new board hints at a redesign in the Xbox 360, if in fact the images are real.

While it could be a fake, or even just an early prototype model, rumors will likely begin to fly about the new design.  Is this an attempt by Microsoft to offer a slimmed down model to users and possibly cut costs?  Or perhaps they are squeezing more features into a box at the dimensions used now? Natal anyone?

We removed the earlier image of the motherboard for the system, because, well, this post is seven years old and we all know what the Xbox 360 Slim ended up looking like, right?  If not, there you go, that image up there is an Xbox 360 Slim.