It's been floating in the rumour mill for quite some time now but it seems some confirmation has finally happened.

Engadget is reporting that Microsoft will be releasing a limited edition Xbox360 called Xbox360 Elite (codename Zephyr) which will have the following characteristics:

Color is black

120G Harddisk

HDMi interface

Price will be $479

Once all the Elite versions are sold, the "Premium Package" will take the lead and will be delivered as well with the hardware above

In other news: