I have just had my 2nd red ring of death with an original Xbox360 and was quoted 80 quid for repair, so the timing was ideal to convince the missus an upgrade made financial sense!
Very impressed so far... looks spot on, it is deceptively smaller than the previous one (its not until you put them side by side that you notice a substantial difference). Thankfully it is much, much quieter! Yes, you can still hear it, but that is to be expected - its a games console, there's bound to be a little noise! Deal with it.
Only downside is the lack of a HDMI cable but I guess Microsoft need to make some money from somewhere?!?! I have just bought the Linx Platinum Pro Hdmi Cable from Play.com and that is bang on. No picture problems whatsoever, so I recommend that cable as well should you be in the same situation I was.
All in all, i'ts not worth it if you have a fully working Elite model, but if like me you have the first generation or your xbox is currently knackered, it is definitely worth the purchase/upgrade. Touch sensitive buttons are a nice addition!