For people thinking of buying an Elite right now, I'd say go and buy a 20gig "Pro" system. The main draw for the Elite when it first was released was the HDMI output, but the newer Pro's also now have this as standerd so what you're really only getting with the Elite is a Black finish, a HDMI Cable and 100gigs more Hardrive (Unless you download every Movie Trailer that goes up you're unlikely to ever use more then 20gig).
So if you're a Parent or maybe just wondering which 1 to buy, the best deal at the moment is the Premium Console & Forza Motorsport 2 + Extra Official Wireless Controller for £259.99.
To wrap it up basicaly the Elite is really for people that want a black 360, the 100gigs of Hardrive will most likely never even be 20% filled and is just the big shiny stone to make people think "higher number = more value". The Elite is a great system but it's hard to reccomend over the better deal you can get with the 20gig Pro