From engadget.com:
Full Story: engadget.com
We've confirmed with trusted sources that the black Xbox 360 is indeed coming, and will be dubbed the Xbox 360 Elite. Here's what you need to know about it:
* The Elite will be limited quantities only; that may be as much or as little as a couple hundred thousand.
* The case, controller, and Live headset will all be black. It will have all new packaging.
* Elite will cost $479, and will be a 3rd SKU; it will be sold alongside Premium and Core packs.
* Eventually Elite hardware (in white plastics) will take the role of the Xbox Premium. That is to say, after the Elite is launched and sold out, future Xbox Premiums will have 120GB / HDMI.
* Elite models run cooler than normal 360s, but they are not yet confirmed to have 65nm chips.
Game Informer Magazine is also confirming the black Xbox360 in their upcoming issue.
Full Story: kotaku.com
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