But the HD on the Elite is 120GB instead of 20GB with the Premium, also it's sexy black. So hardly a waste of money.
I've got an Elite (Chopped in my Premium) and a PS3. I'm NEVER on the PS3 but I'm on the 360 all the time. BluRay is great on 1080i so will be superb on 1080p. Depends what you want, if it's for film quality and the odd game go for the PS3. Otherwise 360 all the way