I don't think it will happen with Xbox One but I totally see MS releasing the next version of Xbox as more of an open architecture Windows 10-based "steam box" type of device that can be upgraded.  
Then again, they could be looking at going the cell phone route where they release a new model every 2 years or so.
The real question I have is, does console gaming really need this? Why all of a sudden are companies exploring this idea? One of the reasons why I love console gaming so much is that a game that I buy in year 5 on a console runs just as well as a game I bought for it in year 1. Plus, The problem with consoles is the game development cycle. How long does it take for the average dev studio to put out a 'AA' game (as opposed to a AAA game)? 2 years? 3 years? If we then have hardware that is being upgraded every 2 years, how will this affect the game development cycle?
 It could be argued that PC hardware upgrades every year or so, and that games are still constantly being made for the platform. The problem however, is that the majority of PC gamers don't have the latest cutting edge high-end PC's. Most PC gamers sit in the middle band of PC hardware. 
 It's great saying that games will be forward and backward compatible, but you will reach a point where a game is developed for a higher spec'd iteration of the hardware, and then inevitably runs terribly on the lower spec'd iteration of the hardware. This is the one constant problem I have with gaming on my PC, and it's a problem I don't want to start having on my console.