I've had my Xbox 360 for nearly a year now and apart from the console generating a lot of heat (its a high powered peice of technology right?) i've had no problems. The newer ones are apparently a lot cooler anyway.
The games look great, play great and the Online service is second to none. Sure, theres no motion-sensing controller, but that doesn't stop it from being a formidible competitor
There are loads of games out for it, and loads more coming out for it (a lot more than either of the other two), plenty of periferals to augment the experience (if you want) and it has great multimedia capabilties in movies, music and pictures. Not to mention that Internet Protocol Television (IPTV) services will be available on it pretty soon.
While it is a shame it doesn't have a nice slot-loading drive, thats a largely cosmetic issue. As for colour, you can buy a faceplate (or make one yourself if you are so inclined) if you don't like the standard matte-white.
The premium is probably still the best package for those unsure which one to get. It comes with plenty of cabling, a 20GB harddive and a wireless controller. You can always upgrade to a 120GB later if you need the space. I certainly don't need it yet (still 9GB free!).
Though obviously, if you want the best long-term value, the Elite is the way to go.
So in short, its a great console, with plenty of games, and plenty of options surrounding it, highly reccomended.