If you or a loved one have been thinking of trading that glitchy Xbox 360 console for one of the newer HDMI-equipped models with the (thus far) more reliable Zephyr motherboard, you should be aware of what isn't included in this offering. While the premium experience of the Xbox 360 Elite nets you that 120GB hard drive and "elite" black casing, it also buys you an HDMI cable and an "audio adapter connector" that extracts either stereo or digital audio out of the box, if you're not into the whole HDMI audio thing.
There are two solutions for those of you with external stereo systems that don't support HDMI: 1) Buy the $50 HDMI cable with adapter or 2) switch your HDTV's audio setting to reroute audio from the internal speakers out to the stereo, as described by Joe Hutsko. If your setup requires the $50 adapter (with HDMI cable!), you can either consider the Elite and its massive hard drive for only $50 more or just hit eBay for someone else's leftovers. Just sayin'.