If you’re still on the fence about Elite’s HDMI output (most reviewers say it’s “barely distinguishable” from component) here’s my two cents: it’s awesome! I’m running it on a “budget” LCD (Norcent LT3250; around $500 from buy.com last Black Friday) and the improvement from component is significant. You won’t notice so much in gameplay, but whenever you’ve got some text (particularly dark text on a light background, like the dashboard) there’s no nasty ghosting or fuzziness at all . Is it enough to upgrade from Core / Premium to Elite? Depends if you get a good sale price .
Compared to the official VGA cable I doubt you’d see a difference, but there are reports of “washed out” colors over VGA so beware. If you get a 3rd party VGA, make sure it has a nice thick wire to the VGA plug (good screening; I tried a “bad” one a while ago that had horrible ghosting on text ).
Of course the other advantage HDMI and VGA have over component is great upscaling of regular DVDs.