See the only Xbox 360 game that can do 1080p right now is Virtua Tennis 3 from what I read.

"Think about these [the three versions of the Xbox 360] as if they are bundles. The console is the same, we did some neat stuff because a lot of people said they liked black," Albert Penello, Director of Global Platform Marketing for Xbox, says, while he explains the new Elite version of the Xbox 360. "We think it's cool to try something interesting. When you're a new customer, what configuration makes sense for you? All three of these consoles are different bundles."

Microsoft announced the "Elite" version of the Xbox 360, an announcement that comes after numerous reports of an expected console revision (remember how Microsoft downgraded shipment figures back at CES?), and as previously speculated the Elite will be available in late April (April 29) for $479.99.

For $479.99, here's what gamers will get (in black -- see picture):

# Xbox 360 Elite console. The console is equipped with a premium black finish and three powerful core processors capable of producing the best in HD entertainment (up to 1080p), 16:9 cinematic aspect ratio, anti-aliasing for smooth textures, full surround sound, HDMI output and DVD playback with upscaling capabilities right out of the box.
# Xbox 360 120GB hard drive. The 120GB detachable hard drive allows gamers to save their games and store television shows, movies, music, pictures, trailers, levels, demos and other content available from Xbox LIVE Marketplace.3 The hard drive is sold separately for an estimated retail price of $179.99 (U.S.).
# Xbox 360 Wireless Controller (black). This award-winning, high-performance wireless controller, now in black, features the Xbox Guide Button for quick, in-game access to friends and music. It has a range of up to 30 feet and a battery life of 30 hours on two AA batteries. It is sold separately for an estimated retail price of $49.99 (U.S.).
# Xbox 360 headset (black). Now available in black, the headset lets gamers strategize or trade taunts while playing games and send voice messages to friends on Xbox LIVE.
# Xbox 360 HDMI cable. New to Xbox 360, HDMI allows consumers to get HD video (up to 1080p) and multichannel surround sound, all from one cable. (Editor's Note: The component/composite cable already included with the Xbox 360 is also in the Xbox 360 Elite box).
# Xbox LIVE Silver Membership. With this, gamers can chat with friends online, collect achievements and gamerscores, send and receive voice and text messages, and access Xbox LIVE Marketplace content such as game demos, HD movies and TV, as well as the best in downloadable games from Xbox LIVE Arcade.
# One-month subscription to Xbox LIVE Gold. An Xbox LIVE Gold Membership provides a complete online entertainment experience. Those who subscribe to this premium service can engage in competitive online multiplayer matches, tailor their matchmaking via feedback and accomplishments, chat with more than one person at a time, and take advantage of unique privileges in the Xbox LIVE Marketplace and Xbox LIVE Arcade.

Nitty gritty details aside, Penello did say the console is "the same." The almost-a-year-old announcement of a revised chipset -- one that will have the 360 running cooler and quieter -- hasn't bore fruit just yet, as the Elite SKU features the same 90 nm chip currently in Xbox 360 hardware.

The Elite SKU is not being released to replace the Premium (or the Core) versions of the console: "The Elite is not our new default SKU. The SKU that we still think is the sweet spot is the existing 20 gigabyte unit." Penello said. "We've got a unit for people that is more entry level. We're not going to start releasing 25 gigabyte downloads."

Additionally, for consumers concerned with how they will get save files from their existing 360 hard drive onto the new 120 gig -- the 120 gig HDD accessory, which retails for $179.99, has a cable and software built-in that will connect the HDD to the console with an HDD attached to it and transfer the files from one HDD to the other. People won't have to use a memory card to transfer the files and then re-download all of their old Arcade titles.