As far as RROD, who knows if its fixed, but it seems to be a lot better lately. I've never had one, and neither has anyone I've known who has one.
But then, I and others I know keep our 360's in well ventilated areas and don't smoke around them, and don't keep books or clothing stacked on top of them. If you have a spot for your 360 that isn't an insulated carpet sandwich from which heat cannot escape, you'll probably be fine.
I'd say the Elite is worth it, and I doubt we'll see better cheaper models by end of year. At best that won't come until late 2009
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