If the price of the Elite goes down, I think I'll be buying one. I looked on Amazon for customer reviews, though, and I have to say they don't give me much confidence. Microsoft's customer service really dicks these people around. One story was so crazy, I wouldn't have believed it if the person didn't provide a lot of details and dates. I had a lot of trouble dealing with Apple's customer service when my iPod broke in 2005, and it was just so frustrating to the point of me just wanting to scream at these people (and I'm not a screamer, I'm rather docile in most situations).
I've never had a problem with a Nintendo system. My brother's NES from 1988 still works, as does our SNES from 1992, N64 from 1996, Dreamcast from 2000, Gamecube from 2001, PS2 from 2003, and Wii. I'm probably due for a hardware failure at this point, and it'll probably be an XBox.