Pros: Looks like it finally might be the all in one living room solution.
Cons: can't play many video formats from files unless media center streaming.yawn.
The bottom line: When IPTV really kicks off, and if they stop region coding hardware, this could be the all-in-one box many of us have waited for.
I have had a USA Elite since its release in April, and now, since last Friday, a European one. I was just too curious to wait.
The USA model is as hot and loud as all the others from the past three years. In fact the power supply actually melted after it was left on for a day. On the plus side the larger hard disc, and of course the HDMi port are serious benefits over the old XBOX360.
Don't let anyone tell you the graphics from HDMi is not better. They are either blind, mad, or jealous..and certainly were not paying attention in their science classes at school.
Graphics are smoother, clearer, brighter, sharper and more lively.
Don't get me wrong, what MS did by getting such good output from the analogue processor was damned clever...but Digital is Digital, and you will see it straight away!!

AND NOW FOR THE NEWSFLASH
The European one is completely different!!!
The cooling fans are quieter than the PS3!!!
It runs cooler than the PS3!!!
and the DvD drive is not loud at all....really its true.

I actually thought I had a dud build when I first turned it on...thinking maybe they had forgotten to plug the fans into the mainboard in order to get power.

What happened, and why Microsoft have not published the fact they have fixed their long running product issues is the mystery here?

I have asked Microsoft, but no response yet. Perhaps they don't want the USA customer base, who bought the USA model in April for the same price, to realise it didn't get the tweaks ...

More info on this very welcome!!!