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Basic rule of thumb. If you're buying a 360 new, and have HDMI TV (or will in the near future) get an elite. If you have an old tv, and don't plan on getting a new one, you're fine with the original.
The HDMI cable is pretty expensive, if you buy it after buying a new 360 it doesn't make sense. The money difference when you factor that in isn't that much between the two consoles.
Personally I love the look of my 360, but I chose elite for HDMI/120gig hard drive more than anything else.
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"Smite the rocks with the rod of knowledge, and fountains of unstinted wealth will gush forth." - Ashbel Smith as he laid the first cornerstone of the University of Texas
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