According to a report on Engadget this morning, an "Elite" version of the Xbox 360 is in fact in the works. Citing what they call reliable but anonymous sources, the Elite version will be sold for a limited time and will offer HDMI support, a 120 GB hard drive, and a system (complete with controller, and Live headset) in black. The system will reportedly sell alongside Microsoft's other versions of the system (core, premium) and will eventually replace the premium version of the 36o. Engadget says the retail price will be around 479 USD. This news has not been confirmed by Microsoft, but if it is true we'll hear more about it shortly because the street date is set for some time in April.