Good news for Xbox 360 gamers. Microsoft has announced the upcoming availability of Xbox 360 Elite, a new model of the popular video game system. The Xbox 360 Elite will include a 120GB hard drive, a high-definition multimedia interface (HDMI) port, a high-definition cable, and a premium black finish for the console, wireless controller and Xbox LIVE headset.

The new Xbox 360 Elite console will have three powerful core processors capable of producing the best in HD entertainment (up to 1080p), 16:9 cinematic aspect ratio, anti-aliasing for smooth textures, full surround sound, HDMI output and DVD playback.

Xbox 360 Elite accessories, such as the black Xbox 360 Wireless Controller, Xbox 360 Play and Charge kit and the Xbox 360 rechargeable battery, will be available separately. The Xbox 360 Elite and its accessories will arrive in U.S. stores by April end and estimated retail price will be around $480.

With every purchase, you also get a Xbox LIVE Silver Membership and a one-month subscription to Xbox LIVE Gold. With the recent launch of Playstation 3, the competition in the gaming consoles space has increased and the gamer is in a win-win situation.