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Xbox 360 Elite officially launched.

While not necessarily something current 360 owners would upgrade to, definitely a good option for those who haven't bought into the next-gen consoles yet.

The $479 price tag may push some to the Core ($299) or Console ($399) version, the 120GB hard drive does make it seem that you wouldn't have to worry about hardware upgrades for a very long time. Of course, if you're dying to do your gaming in hi-def, you'll probably part with the money quite easily.

Microsoft list it's features (and which parts are available separately):

Xbox 360 Elite console:
- Premium black finish
- HDMI port, HDMI cable
- Xbox 360 systems, comes with
  - three powerful core processors,
  - 16:9 cinematic aspect ratio
  - anti-aliasing for smooth textures
  - full surround sound
  - DVD playback
Xbox 360 120GB hard drive: The 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. Also sold separately.
Xbox 360 Wireless Controller (black): It has a range of up to 30 feet and a battery life of 30 hours on two AA batteries. Also sold separately.
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 LIVE Silver Membership
One-month subscription to Xbox LIVE Gold