Just to follow up on my elite theory...
It is sold out still at Amazon, best buy, and Circuit City
http://www.circuitcity.com/ssm/Microsoft-Xbox-360-Elite-High-Definition-Gaming-and-Entertainment-System-882224390118/sem/rpsm/oid/177538/catOid/-16483/rpem/ccd/productDetail.do
http://www.bestbuy.com/site/olspage.jsp?skuId=8301492&st=xbox+360+elite&type=product&id=1172881999620
http://www.amazon.com/360-Elite-System-Console-120GB/dp/B000OYMSL6/ref=pd_bbs_sr_1/104-3640980-5454339?ie=UTF8&s=videogames&qid=1182547448&sr=1-1
edit: as of 4:30 EDT 6/22/07