Keep in mind you need one of the new kits. The old one could work, but the supplied software moves data in the wrong direction as far as I remember (you need something to pull data off your old drive, through the USB port to the drive on the slim unit, not the other way around).
I should add that you're not actually connecting the consoles directly to each other but rather connecting the cable to your existing hard drive, and the other end should go into the destination console's USB port. Of course if you have a USB flash drive, you can transfer the data that way as well.
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