I think that it is a bit funny that almost everyone that is advising waiting already has a 360. If I didn't own a 360, I probably would not wait. The games available are worlds beyond anything offered on other platforms right now, especially in HD. I had a couple regular xbox games that I had not played much of, and I can't go back to them when I could be playing the 360. I am also not sure about the dependability (or lack thereof) claims floating around. I have one of the original units and I have never had a problem ; ) - Perhaps I am lucky, but I can't help but feel like there are a lot jealous Sony fans out there!
To really answer your "wait or buy" question, there are only really these considerations:
Do you have HS internet? If not, the hard drive size over premium is irrelevant-
The only positive aspect of HDMI is the simple cable (one plug on either end). My tv only displays a progressive (p) image, so when I feed 1080i I basically end up with 1080p anyway (not that anyone can tell the difference since the resolution is identical).
The color may or may not be important to you. Had I known the Elite was coming out, I still would have purchased my console when I did (although with less than a month left, the decision would have been tougher
The chip talk is pretty much rubbish. Yes the newer chips will be smaller and therefore cost MS less and produce less heat in the unit, but assuming you don't set the thing on carpet or in a blanket, I don't think that heat is really an issue. No one knows when the new chips are coming out and the value of the lost HD gaming is more than the cooler operating environment (which I don't need). For me it (at this point in time) would come down to internet connectivity (I could wait 30 days for the monumental Hard Drive). If you can wait a few days for the extra space and have the High Speed internet to take advantage, why not? I pity anyone who tries to brag about "new chips" in their system in 6 months, because I can't imagine going back to the relatively shoddy graphics of the last generation. One last tip: Don't count out some of the early games that are WAY cheap. They may be cheap, but they still are pretty amazing (ie Perfect Dark, Kameo, Kong, Tomb Raider and even Quake 4). Many may give me heat on these, but in HD I enjoyed them as much or more than most of last gen (save for may Halo (1&2), God of War, and Ninja Gaiden). Welcome to next Gen Gaming!