Ok well i own Nes,Snes,Gen,N64,PS1,GCN,PS2 and a Wii (Also a PSP and GameGear and GBA).  Anyway with the recent news of SO4 being on 360 plus all the other JRPG's it seems i will be getting a 360 instead of a PS3.  Anyway what is the nest SKU to get at the moment and is there any solid news of a better more features SKU in the future?

Apart from the persistant rumour of the blu-ray one? I doubt it, but there will probably be a price cut in the US reasonably soon

 Good news, is the Elite the best one?? How much does it cost now and how much is the rumored pricecut going to be?

Depends on what region your in.

In EU but i get US consoles and games.

 I am not sure, but it has been rumoured for a while

I am getting a 360 soon too, and I am getting the premium, cause in the UK I do not feel that the 120GB and black (which I beleive is the only difference) is worth the extra £60. I think that the HDD is neccessary, but not the 120GB, 20 should be enough. The question is how much do you like the black? you can buy a black controller if you are happy with just a white console, but still prefer the black colour

Forget the Elite, unless you really want to store a lot of data... There are no game installs on the 360, so 20 GB should be enough unless you want to copy a lot of videos or mp3s to your 360.

I bought the Premium, but the Arcade might also be a good idea if you can find a cheap and trustworthy second hand hard drive.

http://en.wikipedia.org/wiki/Xbox_360#Comparison_of_features

If wikipedia is correct, the differences between the Arcade and the Premium are the absence of a hard drive, ethernet cable, component cables and headset. If you don't need the headset/component cables (for example, if you're planning to use HDMI) and don't mind the risk of a second hand hard drive, go for the Arcade.

I would prefer a black console. I would not put anything other then any installs or gamedata on the 360 no mp3 or vids.

I got the 20gb one that came with marvel/forza2.

I suggest getting the one I got cause it's cool, lol.

That said, I traded for mine, so don't know much about the, cept I think I got the "middle of the road" console and I can't see there being much more I could do with it, cept extra storage space that I don't really need right now.

My console is white. 

The 20gb is definitely enough for regular gaming and stuff. I never really even ran out of space on my old Core 360 w/20gb hd.

I ended up later getting an Elite, because I wanted the black system, the extra space is always nice to have(though I have +90gb free, haha), and my old system didn't have the hdmi plug(all of the newer systems do). The extra hd space is good if you want to dl a lot of media, or xbox classic games, or put your own files on the hd. There are no game installs on any of my 20 Xbox 360 games, but I'm not sure if other games might have them.(most likely not)