s reported in the April issue of Game Informer Magazine, Microsoft is preparing a new revision to the Xbox 360’s hardware. According to the source within the company, the new version is poised to take advantage of the console’s popularity as a media-delivery system. The revision will pack HDMI output and a 120 GB hard drive in a black case, and it includes an HDMI cable and black game controller. The system will not support HD-DVD playback, however, though owners can purchase an add-on HD-DVD drive for $199.99. If you already own an Xbox 360 and are drooling over all that hard-drive space, fear not. When the new system debuts at the end of April, the new drive will be available separately for less than $200.

Since the issue went to press, some new developments have come to light. Engadget is reporting that the new system will be called the Xbox 360 Elite, and it will cost $479. The first run will be limited, and subsequent systems will revert to the traditional white case. Eventually, the Xbox Premium will be phased out in favor of the Elite, which could be as soon as this summer.

We’ll keep you posted with more information as it becomes available.