If you have a 720p screen then no difference, believe me. However, if you have a 1080p screen then the difference is somewhat noticeable .... but the difference is not a prominent one, if you are insinuating that you want an Elite because you hope for superior video quality - so, don't be fooled by "uncompressed" data transfer talk. I have two 360's running on the same screen, both in 1080p(LCD Samsung) - a white one and the Elite, and the difference is, at best, slightly noticeable.
i bought the elite and i had a regular 360 hooked up with vga cables before that. i can tell you that the color is more rich and bold on the hdmi cables. with the vga cables lines and edges look alot finer and less jagged compared too hdmi.
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