you should only get the elite if you have an HDMI (thats a type of cable the sends video from the 360 elite to your tv) capable tv. otherwise its a waste of your money. hdmi will make your 360 able to output in 1080P (which is the highest high definition available.) but your tv most likely wont use 1080P because 1080P tvs are rare.
all the extra memory is unnessacary unless you plan to store a bunch of movies on the hard drive. for just games get the regular one. the black does look cool though...