Oh my god... People are so paranoid. I've had my Xbox for Nearly a year and a half, and I've had no red ring. And yes, the new 360's have the new Heat sinks to flush out the extra heat on the X-Clamps. So, if you have the money, buy it. Just make sure that it's one of the new models (On the Premiums it says "HDMI" on the "Contents" list, and check to be sure it was manufactured on/after July 4th, 2007.
The Elite is great, but if you really need the space, it's better to just buy it right out. With the price drops it made it so that buying a Core + 120gb HDD is no longer the same price. Right now, the Elite is the best deal, but if you don't have the extra $100, or don't plan on downloading a lot of demos or buying a lot of content, the Premium is perfectly fine. And now that it has HDMI, the only difference between the Elite and the Premium is the Color, the price, and the Amount of space.
New Heatsink article:
http://www.xbox360fanboy.com/2007/08...hdmi-premiums/
Look for the HDMI on the Contents list:
http://www.xbox360fanboy.com/2007/08...hdmi-premiums/