Dunno what the hate on the form factor is about, I think it looks very slick. Fits very well into a modern lounge-room (and great in my bedroom with my all black electronics). And I think a major reason for shaping it that way is its ability to obscure the ugliness of the wires flying out of it (so it could be nice to display on top of a TV unit or such).
To be honest, I'm very happy with the offerings of PS4. And Xbox is great also, bar the security measures. I'm sure in time community backlash will force them to remove such limitations before the slim or refined edition comes out.