Microsoft is eventually going to come out with a newer 360 called the elite. It's black and has a 120 gig hardrive. It will cost the same.
We've got a couple spy shots hot off the production line in China of the Xbox 360 Elite. They were taken with a cellphone so the shots aren't of the highest quality, but they get the job done. The site hosting the thread is TGFCer, which stands for "TV Game Fans Club", and according to our tipster, is one of the biggest Chinese bbs for video game enthusiasts. A later shot was provided of the top of the hard drive, and you can barely make out the "12" in "120G HDD" due to over exposure, but with some Photoshop wizardry (Command+I, or Control+I for PC users) we were able to get the text to become more apparent. More pictures (including aforementioned inverted color shot) after the break.
Xbox 360 Elite production shots - Xbox 360 Fanboy
Linear Mode
