No HDMI for premium? I just purchased my 360 a month ago from Bestbuy, I do not know if things are somehow different in EU, but the premium does indeed have HDMI and 20GB is more than enough. I use it strictly for gaming and the occasional movie download, which gets deleted after the 24 hour rental period.
I was in the same boat as you and to be honest, the extra 100GB just doesn't seem necessary.
If you want it for gaming alone, stick with the 20GB, if you do indeed plan on using it as an all around media device ( I won't... RRoD scares me too much, lol, I have a PS3 for that) I would go for the Elite.
It all matter on preference whether you want 20GB or 120GB + Black casing, hopefully this helps a bit.
iPhone = Great gaming device. Don't agree? Who cares, because you're wrong.
Currently playing:
Final Fantasy VI (iOS), Final Fantasy: Record Keeper (iOS) & Dragon Quest V (iOS)

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