There are really cool, small and portable coolers out there that can be plugged into the car and also brought with you out of the car for hiking or parties. You don't lose storage in the console and you can upgrade or replace the cooler much easier.
I really don't see the point of a cooler in a center console. It takes time to cool off so it has to run for a while, it only cools when the car is running and it's attached to the car.
That said, I do remember my Jeep in high school that could fit a 12 pack and ice in the center console and provided a lot of fun. Ah, memories.