Microsoft announces new Xbox 360 named Xbox 360 elite

Reports are buzzing on the net about the new Xbox 360, a black, limited edition, to be called the Xbox 360 elite. The Xbox 360 elite will be a smarter, cooler version of the Xbox 360 and will include HDMI and a 120 GB hard drive.

The Xbox 360 elite will be priced at around $479 and once the limited edition is sold out, Microsoft will package the HDMI and the 120 GB hard drive in the regular Xbox 360. Microsoft has yet to make an official announcement, but reports suggest that the Xbox 360 elite will be released this summer.