1. HDMI output
2. 120GB hard drive
3. Black color

1. HDMI output -- There will be hi-def purists who argue, but I cannot see the difference between HDMI and VGA -- and I get 720p / 1080i/p with both. I know hard core video- / cinephiles who say the same. You can maybe make an argument that you're a little "future proofed", but I don't know that the Xbox 360 Elite is going to be compliant with the newest revision of the high-bandwidth digital-content protection (HDCP) -- and there's going to be some time before that even matters. And the HD DVD drive is a USB 2.0 external addition, anyway.
   
2. 120GB hard drive -- I can buy this by itself for my current Xbox 360 Premium (or Pro) for $179. That saves me $300.
   
3. Black color -- Granted, black is the new black, and makes the Elite wicked sexy, but is it worth a McKinley? I think not.

1. Low features, high price -- Not a lot of (any?) "must-have" features for having to buy a whole new expensive console.
   
2. Old guts -- It looks like the Elite will be running on the 90-nanometer chips of the current Xbox 360 -- not the smaller / faster / cooler 65-nanometer chips that will be incorporated into manufacturing in July(ish). So in about 3 months, your Elite will have outdated innards.
   
3. Your content is tied to your current box -- Here's the biggie. One of the things Microsoft has done well is when you buy content, it's yours. Xbox Live Arcade games? Yours. TV episodes? Yours.
   
   But though you can buy a 120GB hard drive and move content from your 20GB drive (just one!) to the 120GB, if you buy a new console, you're screwed. That's because content is tied to the physical box (not hard drive; it's like a hardware signature to make sure you own the content). Though Microsoft has acknowledged they're "still working on this". Guys? You have one month.
   
   No word on if I buy a 120GB drive now (in a color scheme that matches my current 360), and buy an Elite later (that ships with a black HDD), can I move my content from my old 120GB to the new 120GB? (What can I say -- I'm a completist.)

1. No wireless -- It shouldn't have it; the specs change to fast. Sony, you're stuck with built in 802.11g, but N's out now, and Ultra-Wideband Wireless hits this year. Besides, smart gamers are going to hardline into their broadband connection.
   
2. No built-in hi-def DVD option -- Again, it shouldn't have it. The PS3 comes with a built-in Blu-ray player -- yay. I'm not willing to fork over the premium for Blu-Ray discs that are overpriced and are not taking advantage of the promised rich content capabilities (hire some UI big guns, studios!). The external HD DVD drive is Microsoft's option, so if I buy that and Blu-ray wins, I'm out $200. But if HD DVD wins, you have a $600 Blue-ray brick of a PS3. One that plays DVD-9 discs slower than the Xbox 360.

Let the hate mail begin...