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I hope it is more reliable but i have a feeling it isn't. But i don't hear of them dying. I heard 1 person say it died but that's a lot less than the hundreds for the other models.
I have an elite and no problems so far but i also have a premium and it conked out after 10 months so only time will tell. I will say this though. The 360 is awesome and has a great selection of games. Just seems to die which is a shame.
The elite has more changes than the hdmi port. It has no capacitors and less transistors compared to the premium. This means that there is less heat produced. Epoxy is put under the cpu and the gpu, which kind of prevents the cpu and gpu from popping out of the motherboard when it warps. You can find all of this on llama.com. There are significant difference, but other problems may still exist like the dvd drive and things of that nature. I think some still overheat, but I know its much less than the premium.
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