The 360's OS wasn't a variation on Windows though, so your point is moot.
It should be patently clear to all that MS core direction is to try to unify all their various product streams. Visually, that means Metro UI for everything, which we already have with Windows 8, Server 2012, Windows Phone and the 360 dash.
Ultrabooks and Surface shows how unsuited Windows is for low resource computing. The OS alone eats up the majority of resources, from storage to CPU cycles to RAM. Surely you can see that the decision to dedicate a couple of cores and a whopping 3GB or RAM to the OS shows that the OS has some serious requirements.
I put Windows 8 on my test work laptop. It has 2GB RAM and just using Windows and the OS is paging like crazy. Windows 7 and 8 need a minimum of 2GB to run, and 4GB+ if you want to any actual computing on them.
Edit: Even MS state the minimum RAM for Windows 8 x64 is 2GB.
http://windows.microsoft.com/en-AU/windows-8/system-requirements