On that noise thing: by FAR the noisiest element of any console system that I've noticed is the disc drive. You can get a quieter system without any implications for system power just by better engineering in that component.
"The GC is smaller than the XB or PS2. Increasing the box size doesn't increase heatflow, a smaller box allows you to get the hot air out of the case faster. After all, the purpose of the cooling system is to get the heat out of the case." The purpose of cooling is to get heat away from the electronics. You can do this more easily with more airflow, for which you need a bigger case.
Personally, I think the cooler and less power-demanding thing is a buzzword campaign, or corporate crap in other words. Cooler than what? Less power-intensive than what? And who the hell will notice or care anyway, provided the system doesn't fry like an egg?
In short, I wouldn't read too much into those adjectives.
I don't understand why Nintendo has a fetish for miniaturizing and portability in its home consoles. Perhaps it sells in Japan, what with the smaller average living space, but I doubt it. Stats are what sell. Nintendo may be right, and we just won't be able to visually tell the difference between the next-gen systems, but those numbers still count in the mind of the consumer. Of course, price does as well.