A couple of months ago the internet went crazy with rumors of a black Xbox 360 circulating various websites and now thanks to Engadget and gaming magazine, Game Informer, all these rumors have been put to rest as they've confirmed the existence of the black Xbox 360 titled, the Xbox 360 Elite. This console will be sold for nearly $469 and will be bundled with a 120GB HDD, black accessories (case, controller, headset) and an HDMI cable for HDMI output.
And if it's knowledge you hunger, it's knowledge you shall recieve, courtesy of Engadget:
- The Elite will be limited quantities only; that may be as much or as little as a couple hundred thousand.
- Elite will cost $479, and will be a 3rd SKU; it will be sold alongside Premium and Core packs.
- Eventually Elite hardware (in white plastics) will take the role of the Xbox Premium. That is to say, after the Elite is launched and sold out, future Xbox Premiums will have 120GB / HDMI.
- Elite models run cooler than normal 360s, but they are not yet confirmed to have 65nm chips.
- Prices may remain the same with the 120GB / HDMI hardware upgrade in the Premium Xbox, but we may still see a price cut on the line when 65nm chips start shipping.
- The HD DVD drive will not be internal or bundled -- Microsoft never did or nor does not currently have plans to put an HD DVD drive in the 360.
- There are no current plans to integrate WiFi into the Elite or future Premiums (although that can always change).
Microsoft has still not agreed (or denied) on the existence of such a console but we'll keep you updated as soon as they utter anything official.
IM SO EXCITED ABOUT THE 120 GB HD, BUT YEA I THINK THE HD IS OVER PRICED BUT OF COARSE IM STILL GETTIN ONE. 
