There were (are) plenty of rumors surrounding the Xbox 360 Elite.

Thankfully Gizmodo put them to rest.

I think these are the most relevant:

• The Xbox 360 Elite IS NOT a limited edition, there will be plenty available on launch day (April 29)
• There is NOT an upgraded processor with the Elite.
• The only new hardware is the hard drive and the included HDMI cable (the Elite will also include composite and component cables).
• The price is $479.99.
• The 120gig hard drive will be sold separately for $179.99 and release the same day at the Elite.
• Black accessories will also release the same day as the Elite.

Read the whole enchilada here.