Yes, "awesome" is one of those phrases that invites Princess Bride quotes about the meanings of words, but so what: the black XBox 360 sports not just a nice paint job, but a HDMI port and a 120GB hard drive.
Pictured here is the XBox 360 dev box, which just happened to be black. I'd expect the official one to look a little sleeker. Sources indicates the black box will be called "The Elite" and issued in a limited run, will cost $480, and will, when the limited edition run is done, stop being black and become the replacement Premium pack, and thus, presumably, $80 cheaper. That would be a clever way to avoid an actual price cut, especially if the core pack gets a similar HD bump.
Neither WiFi not the HD-DVD drive will be integrated or bundled with The Elite. So it's really "The Elite So Long As You Spend Another $250."
Xbox 360 Elite: new, black limited edition Xbox with HDMI and 120GB drive [Engadget]
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