According to Engadget's sources Microsoft is preparing a new Xbox 360 Elite. This will be a limited edition black Xbox 360 console with a price tag of $479, besides the console, also the controller and the Live headset will be black.
Other special features of the Elite edition:
120GB HDD and HDMI. After the Elite is sold out regular Xbox Premium consoles will get these features.
They will run cooler. It's not clear if these boxes will feature a 65nm processor.
Only a few hundred thousand Xbox 360 Elite consoles will be shipped.