I don't see the point of the Elite. The matte black isn't that great looking, you could just get custom colored cases and they would look nicer.
As for HDMI, it's nice to have, but not necessary unless you have an HDTV that uses HDMI. XCM is supposedly making an HDMI cable for the normal Xbox 360. The HANA is supposed to be an improved version of the original ANA scalar chip, though. So I guess there is a little advantage, but there are reports that the HANA chip doesn't really do much and it's actually the video card that does the heavy lifting.
As for the 120GB hard drive, it's only good if you actually use it. Saved games don't take much space, so the 20GB is really good enough for most. Unless you're an avid Live Arcade and Marketplace shopper, it'll take a while to completely use all 120GB.
I'm just waiting for the 65nm refresh and hopefully improved cooling.