I currently have the Premium with the 20 GB HDD. Haven't really had any problems yet, but the Ring of Death may still occur.

If you don't have a 360 yet, I would recommend getting the Elite. The main reason isn't because it's a different color or because it has a 120 GB HDD. It's because they are prone to getting the Ring of Death. They have a bigger and better heatsink than the Premium. So far, there hasn't been a single report of one getting the Ring of Death.

That's what I think