Recently traded in my White 360 from way back, the one without the HDMI port - yea, its pretty old. But I traded it in and got the Elite with one of these controllers. It looks great and feels slightly better than the white one especially the thumb sticks and their feedback when they reach their limit.
The comment about wear and tear is exactly right, they are very durable and keep their grip even when my relatives get all sweaty palmed over GTA IV lol.
One thing I must note though is that it vibration is a lot more subtle than that of the white controller. i've noticed in COD4 and GOW the feedback isn't as strong, but it still feels good at every shot. You'll notice it if you've used the white controller. Battery life is cool, I can hardly remember having to charge it (P&PK) - its never an issue.
Overall Strong, Sexy and Comfy. Recommended.