Further details have surfaced on the Xbox 360 Elite edition! It has already been confirmed that the black console will have a 120GB HDD in addition to a new HDMI port and cable, but according to Dean Takahashi from the The San Jose Mercury News,the Elite will also have IPTV capabilities, allowing us to view internet videos, trailers and TV channels on the console - so that's why the larger drive will come in useful!
Interestingly, although not confirmed by Microsoft, the Elite is said to have a new 'chip redesign, shifting from 90-nanometer production to 65 nanometer production,' which will mean reduced manufacturing costs for Microsoft. These new features will probably mean that those people looking to purchase an Xbox 360 will probably buy the Elite over the standard Xbox 360. Could this mean that we'll see a drop in price on the 20GB console soon?
A number of sources are claiming that the Xbox 360 Elite could be released as soon as April in the US, with a European launch following shortly afterwards.
Will you be trading in your own Xbox 360 for the new Elite? Let us know in the forums.

Picture Source :: Consolas
News Source :: Mercury News