HT Games
Xbox Premium
When the Xbox 360 Premium edition was released, it contained a 20GB external hard drive, which was later replaced by a 60GB external hard drive. Along with the console itself, the Premium edition also came with a wireless controller, AV cables for both standard and HD televisions and an Xbox Live headset for online use. The 60GB model also contained a high definition multimedia interface port (HDMI) which enhanced the audio and visual displays.
Xbox Elite
While the Xbox 360 Premium edition had a 60GB hard drive on later models, the Elite edition has 120GB hard drive, allowing it to store more movies, music and video game data. The Elite model also comes in a black case, as compared to the white casing of the original Premium edition. Outside of the console itself, the Elite edition also comes with a black wireless controller, an HDMI port and two games. Another version of the Xbox Elite, which was sold with the "Modern Warfare 2" video game, contained a 250GB hard drive.
Functions
Both editions of the Xbox 360 can play any Xbox video game title, but playing video games isn't the only thing these consoles can do. Both version can hook up to the Microsoft Windows network which allows you to share media with a Microsoft PC. Other features for both consoles include, but are not limited to, being able to download movies, TV shows, pictures, demos and music, as well as the ability to play video games online. The only major difference is that the larger hard drive for the Elite edition allows it to store more media than the 20GB or 60GB Premium edition.
Motherboards
Xbox 360 Premium models contained a 90nm processing chip and a Xenon motherboard, whereas newer models of the Elite edition contain a 65nm processing chip and either a Falcon or Jasper motherboard. The 65nm chip uses less heat, which limits the cooling process making the console quieter while running. Combined with either the improved Jasper or Falcon motherboard, the "red rings of death" that many Xbox customers have dealt with may vanish. The "red rings of death" refer to the three red rings that appear around the power button indicating a total system failure.
Prices
The original 2005 release price for an Xbox 360 Premium, with 20GB of memory, retailed for $399.99. The Elite edition, with 120GB of memory, was released with a price tag of $479.99. On August 6th, 2007, Microsoft dropped the price of the Premium edition to $349.99, and the Elite to $449.99. The Premium edition eventually came down in price to $299.99, the price of a 120GB Elite edition as of April 2010. The remaining stock of the Premium edition has a retail price of $249.99.