I will probably update to an Elite this holiday, depending on the bundles available and if it's at the same or lower price. At this point, I really hate having to clear space to download demos and game videos, which I tend to keep even after the game releases.
I'm also hoping to have more room for Rock band 2 and Guitar Hero World Tour dlc. The one thing that I envy my PS3 over my X360, besides the drive noise, is the user upgradable hardrive.
The other advantages of the Elite are mostly comsmetic in my eyes. I use a VGA cable for gaming (got it for <$10), so HDMI isn't a plus for me and the black color, while more desirable, doesn't justify the cost at this time.
Also, hopefully the new mobo will be out by then.