Microsoft officially announced the new "Elite" edition of its Xbox 360 console tonight, and also provided info on some new content coming to fill up those 120GB hard drives. Paramount Pictures will have its movies available for download in HD for the first time, and Warner Bros. has committed to releasing its direct-to-video movies exclusively in high definition on Xbox Live. The first two titles will be Sublime and Babylon 5: The Lost Tales. Just to show that they can keep up with the Jones' (and the Sony's) in numbers, Microsoft announced that the South Park HD episode was downloaded over 380,000 times, while HD clips from 300 were downloaded more than 477,000 times. New content partners hitting the marketplace are A&E, ADV Films, National Geographic, New Line Cinema. We're still not sure about the $179 price tag of the new larger hard drive, but there should be plenty to fill it with in the days to come, even a lot of movies that have yet to see HD DVD and Blu-ray releases like Snakes on a Plane and Braveheart. However we must say that the distinct lack of HD Battlestar Galactica episodes continues to grate the nerves. Check out Joystiq for more info on the content and pricing (480 MS points/$6 for new HD movies, 360 MS points/$4.50 for "classic" films, 240 MS points/$3 for TV shows).

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Xbox Live adds HDTV content from Paramount, Warner and more