I love my x360.. But I think the black kills it.. Black suited the original Xbox, but I think the white for the 360 is far superior, AND, it matches my future iBook (should be here in a few days).
The 120gb drive would be stellar.. I have the 20gb in mine and it's full already.. Demos.. Trailers.. Thank god for Connect360.
The only real reason I can see of getting this would be for the HDMI, but I run mine in high-def anyways, so I guess it wouldn't make much of a diff unless I had a plasma doing 1080i resolutions.
Also, the price tag for the hd alone is a bit much. I can just format a 250gb hdd to FAT32 and toss it in an USB enclosure to carry media with me.
The HD-DVD player would be nice too, but again, too pricy in my books. Or at least for my books.