Suggested price is $479.00, or about $80 more than the "premium" Xbox. For what Microsoft is charging for the add-on hard drive, this is a good deal. Users wanting to pick up the 120GB hard drive by itself will face a MSRP of $179.99.

Now, on to what the Xbox 360 Elite is not. This is not a console with a 65nm fabbed CPU in it. The innards are largely the same as the existing Xbox, so the 'great hardware refresh' is still out there, off in the distance. The same is true on the DVD drive front. Not only is it not an HD DVD drive (which we believe will never happen... the add-on is enough), but Microsoft also didn't take the wraps off a supposedly new "super quiet" drive.

Also, there's still no word on IPTV and how it relates to the Xbox 360 Elite. At this stage we still consider it a rumor that the 360's IPTV support will only come with new consoles.