The rumors about an upgraded version of the Xbox 360 have been confirmed. Microsoft officially announced today that they’ll be releasing a new black version of its Xbox 360 console called the Xbox 360 Elite ($479.99). Upgrades include a 120GB Hard Drive ($179.99 available separately) and HDMI 1080p output, while the rest remains about the same.

The sad part is they still left out the HD DVD player, so you’ll have to shell out another $199 to play high-def DVDs.

1up has a run down of their feelings about the Elite and it doesn’t look like they’re too happy about this release.

Xbox gamers have been waiting for this for awhile, and now it’s here. The Xbox 360 HD DVD Player allows you do enjoy the next generation of DVD technology with your HDTV. If you’re looking for the ultimate home theater experience, the $199.00 Xbox 360 HD DVD Player is a no-brainer. Get one today and start enjoying the extreme picture quality and clarity of HDTV!

Xbox 360

Looks like the legendary 2D fighter refuses to die and the staff here at Kineda loves it! The 1992 released Street Fighter II Hyper Fighting will make its move onto the Xbox Live Arcade system. Not bad for a game over 10 years old! “We are extremely excited to partner with Capcom on Xbox Live Arcade,” said Greg Canessa, Group Manager of Xbox Live Arcade at Microsoft. “Street Fighter is one of the most recognized and successful game franchises in history and it is an absolute honour to bring the arcade classic Street Fighter II’ Hyper Fighting to Xbox 360 users across the globe. Offering this flagship title in Xbox Live Arcade and imbuing it with full Xbox Live support is the answer to many gamers’ dreams, including mine.”

I haven’t picked up a Xbox 360 yet, but this will definately give me reason to do so. The game will come with the standard arcade and versus modes plus an improved 5.1 audio setup. To create that true arcade feel, the new live mode will allow you to view other games in spectator mode and jump in the the mix using “virtual quarters.”

Capcom is set to release Capcom Classics Collection soon. Available for PS2 and XBOX, Classics will included 22 timeless old school games such as 1942, Street Fighter II, Ghosts’ N Goblins, Commando, Section Z, Final Fight and much more.

For more info, Capcom.

MTV: Music Television and Microsoft® Corp. today announced a global marketing alliance to unveil the next-generation Xbox® video game system on MTV channels in the United States, Asia Pacific, and Europe, all within a 24-hour window, a first for the videogame industry.

The highly anticipated console will be revealed to videogame fanatics, music lovers, and MTV viewers via a high-energy half-hour program titled “MTV Presents: The Next-Generation Xbox Revealed.” The special will be hosted by entertainment icon, seasoned gamer, and Xbox fanatic Elijah Wood, known globally for the Academy Award-winning Lord of the Rings film trilogy. Island Records’ renowned Las Vegas rockers The Killers will deliver electrifying performances throughout the special.

The global broadcast will premiere Thursday, May 12, 2005, at 9:30 P.M. Eastern in North America and on Friday, May 13, 2005, in other regions around the globe.

If you can’t wait to see it, there’s a picture of the Xbox 360 leaked in this Danish Gamer’s Magazine.