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If you're buying an elite, I assume you intend to use the large hard drive to download content from Live services and whatnot.

Just remember, if you intend to play the 360 online, you'll want either a wired connection (the cheaper choice) or a wifi adapter (the official one goes for 70-90 dollars) and money to pay for Live.

If online gaming isn't important, then you'll just need the 300 and money for some games and you'll be set.