Of course, the Xbox 360 Elite doesn't actually exist yet; it's just idle, and most likely spurious, chatter floating in a nebulous sea of speculation surrounded by a hard, candy shell of rumor and hearsay. But that hasn't stopped these characteristically blurry spy shots of the HDMI- and 120GB-enabled Xbox 360 Elite from showing up on a Chinese assembly line. Take note: the chrome drive bezel clearly distinguishes the non-entity that is the Xbox 360 Elite from the decidedly corporeal black Xbox 360 dev kit. After the break, a shot of the not-yet-confirmed hard drive barely showing off the "120" printed on the top of it. What does it all mean?