http://www.mcvuk.com/news/27617/HDMI-for-standard-360

"Cable firm claims to have cracked supposedly impossible HDMI digital output on a standard white Xbox 360

With recent rumours suggesting that Microsoft’s upgraded Xbox 360 Elite could be on the way to Europe as soon as this August, peripheral manufacturer XMC has claimed that it has a new cable on the way that will render one of Elite’s main functions redundant.

"CVG’s Mike Jackson reports that XMC says its new cable will allow for HDMI output – one of the key features of the upgraded Elite machine – on a standard white Xbox 360."

Interesting if true.

The 360 only has analogue out.
The cable is just an analogue to digital converter that probably won't be terribly cheap. Anyways the different between component and hdmi is very very slim anyway. I have to say, during normal gameplay you probably won't actually care much.

What about that HDCP protection stuff that goes along with HDMI and 1080p? I'm sure that's probably something that's part of the adapter, but I figure I'd bring that up. I'm having my own issue with that as well because I'm thinking about getting a computer monitor with a 1920x1080 resolution (or something close to that, I've found a couple of possible choices), but to display 1080p if I were to connect my PS3 to it either through HDMI or an HDMI-DVI adapter, it requires HDCP so that really messes with my search.

Damn just how many add ons does that thing have.