iirc the elite has a smaller version of a certain chip that was the mainoverheating problem in the other versions of the systems. They are less likely to red ring on you by far but that doesnt mean it wont happen.
Personally i prefer the look of the elite over the regular. I have an elite myself and i love the black. The white gets dirty looking very easily, especially the controllers. The hard drive size isn't that much of a big deal unless you plan on getting a bunch of stuff off xbox live. There's lots of good stuff on there so you may end up doing that.
Downloading movies and tv shows isn't going to take up much room because once you watch them you can only watch them again within 24 hours and you only have 1 week to watch them the first time (i think) before you cant watch them. At which point you need to delete them cuz you wont be able to watch them again.
Game saves and xbox live game demos will eventually add up tho and you'll be thankful you have the larger HD. From what i remember the 20gb HD really only has something like 13 or 16GB available for you to use. So you don't really get a 20gb HD.
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