• Xbox 360 Elite console: The Xbox 360 Elite is equipped with a premium black finish and three powerful core processors capable of producing the best in HD entertainment (up to 1080p, like any Xbox 360), 16:9 cinematic aspect ratio, anti-aliasing for smooth textures, full surround sound, HDMI output and DVD playback with upscaling capabilities right out of the box.
• Xbox 360 120GB hard drive: The huge 120GB detachable hard drive allows gamers to save their games and store television shows, movies, music, pictures, trailers, extra game levels, demos and other content available from Xbox Live Marketplace.
•  Xbox 360 Wireless Controller (black): The sleek black finish of this high-performance wireless controller matches the style of the Elite Console. It has a range of up to 30 feet and a battery life of 30 hours on two AA batteries.
• Xbox 360 headset (black): Now available in black, the headset lets you strategize while playing together online or trade taunts with your opponents. You can also send voice messages to friends on Xbox Live.
• Xbox 360 HDMIcable: New to Xbox 360, HDMI lets you get HD video (up to 1080p) and multichannel surround sound, all from one cable.
• Xbox Live Silver Membership: With this, gamers can chat with friends online, collect achievements and gamerscores, send and receive voice and text messages, and access Xbox Live Marketplace content such as game demos, HD movies and TV, as well as the best in downloadable games from Xbox Live Arcade.
• One-month subscription to Xbox Live Gold: An Xbox Live Gold Membership provides a complete online entertainment experience. Subscribe to this premium service and engage in competitive online multiplayer matches, tailor your matchmaking via feedback and accomplishments, chat with more than one person at a time, and take advantage of unique privileges in Xbox Live Marketplace and Xbox Live Arcade.

   Looking at all the information as laid out by the gaming sites.  Here are the pros and cons of this console.

Pros

• HDMI port - This offers better graphic and audio connections for HDTV up to 1080p. 
• HDMI cable included - This is also valued because high end HDMI cables cost anywhere up to 130 dollars
• 120 gig hard drive - 100 gigs bigger to download more games, TV episodes, and movies.  The 20 gig hard drive is hardly enough for all the media.

Cons

• $479.99 - 80 dollars more expensive for a bigger hard drive, HDMI port and cable.
• Is it elite? - With a HD-DVD Drive and wireless network adapter still missing from the bundle.  This seems like a minor upgraded system
• We're all the same on the inside - The elite, suppposedly, has the same the internal workings as the Premium and the Core, which if Microsoft has not worked out the kinks with all the failing 360 console (i.e. Red Ring of Death), and could have the same problems the Premium and Core consoles have been having.

Bottom line: Unless you are a download junkie or haven't bought a 360 yet and you want the biggest or best, just stick with what you have and maybe upgrade to the 120 gig drive when you need it. 

And That is just my two cents