It's already pretty slim (it's like half the size of my Xbox One), and it's quite quiet. I never notice it being on except for the bar of light on the top (or the side if you have it vertically).
In fact, it's so slim, it's quite annoying to have to stand up vertically without the stand because it can easily be topped over. My Xbox One stands up fine, though I think I read somewhere it was designed to used horizontally, so I set it up as that.