Let the hive mind of Engadget get that for you.
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Zadillo theres a difference between revising the PS2 to a slimmer version, and revising the DS to a slimmer version, to coming out with a new model in the current gen series a year later.
The Elite is a new Model in the 360 series, now there will be the Core, Premium, and now the Elite.
As I was saying before those who purchased the Premium thinking they were the elite,..well they weren't the Elite. Sorry i couldn't help my self on that one. hehe.
According to the rumors, the elite is a limited edition model (hence the price bump) and when its no longer available, the premium will get the 120 gb HD. The rumors dont make it clear though whether MS will still offer either a 20gb or HD-less SKU.
"theres a difference between revising the PS2 to a slimmer version, and revising the DS to a slimmer version, to coming out with a new model in the current gen series a year later."
On the DS, battery life and the screen was improved. On the ps2, there'd been an earlier revision that bundled ethernet & removed firewire... the slim redesign put ethernet on the console & wasn't compatible with the multitap from older ps2s. This redesign of the 360 adds a new video connector and presumably will improve reliability.