Yeah, the big announcement from Microsoft's Press Conference last night, which I stayed up until 1:00am EST for... was that giant turd. Let me ask you all a very important question:
Who was seriously going "OMG!" when they saw this? I'm willing to bet that it's a two-digit number, at most. I saw this and said to myself "...who the hell is going to pay for this?" After all, the Elite isn't even six months old yet, they've just announced a price-drop for all 360 models, and now they're coming out with this 4th SKU. Limited Edition or not, it's really not needed.
Of course, this is part of the bigger issue of Microsoft whoring Halo 3 in general. Between Countless Action Figures, Models, T-Shirts, Books, and everything else under the sun, I'm starting to get tired of seeing Master Chief's face on shit.
...but that's a rant for a different time.