Unplugged both the TV and Xbox360 elite from the wall socket for a full 2 minutes and plugged back in. Check with your TV manual to see that your HDMI setting are correct. Also, don't plug in the component cables of Xbox 360 to that TV, just use the HDMI cable. Now, power up your xbox360.

To see if it's the HDMI problem of the TV, unplugged the xbox HDMI cables to it and use another input device with HDMI like DVD. If that works, then the TV is fine. If not, I hope you have warranty out of that TV.