Dubbed the Xbox 360 Elite, the third version of the game console will be jet black in colour, boast a 120 GB hard drive (versus the standard Xbox 360's 20 GB drive) and have an HDMI output jack and cable, allowing it to take advantage of the highest resolution available on current high-definition TVs.

But the impending arrival of the Xbox 360 Elite hasn't been met with universal praise, even from among some of the Xbox faithful on Internet forums. Some fans are pointing out that the Elite is the same price as the entry level PlayStation 3 model, but lacks the PS3's built-in high-definition, high-capacity Blu-ray disc drive.

Others are bitter that they recently bought an Xbox 360 without having any inkling that a better model of the game console was on the way for just $50 more.

The Xbox 360 Elite's controller and headset will also be black in color, and black versions of most Xbox 360 accessories will be available in stores when the new console goes on sale.

For those who want to upgrade their current Xbox 360, the 120 GB hard drive will be sold separately for $209, but existing Xbox 360s will not have an option of being upgraded to support HDMI output.