| The benefit of HDMI is that it is pure digital. Component is still analog. If you have a really nice HDTV, but use regular component, you can sometimes notice flicker or noise in darker scenes due to interference. With HDMI, you will see a solid picture with no flickering. On top of that, it carries digital audio as well. I'd wait for the regular 360's to start carrying HDMI before buying an elite. The HDMI is a major benefit but not worth the added cost of the elite.
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