The Xbox 360 Elite is no longer a rumor or vaporware thanks to its official release today. Priced at $479, you get the Xbox 360 console, a 120GB hard drive, and an HDMI cable for all your High Definition needs, all packed into one sleek black case. Existing Xbox 360 owners will be able to pick up the standalone 120GB hard drive from April 29 onwards for $179.99. To maximize the Elite’s launch, Microsoft has also put up black accessories such as wireless controllers, a rechargeable battery pack, and a Play and Charge kit on sale. If you’re a current Xbox 360 Premium owner, will you pick up the larger hard drive, or is the existing 20GB one enough for you?