It's smaller. It's black. It's quieter. It has a bigger hard drive. It has built-in wifi. And it's a 360. That's really all you need to know. 360s are still great, and this one is just a bit better in the way that it doesn't sound like a fucking aircraft carrier when you're playing without the disc installed. With the disc installed, you can't hear a thing. My laptop's fan is louder. Even when it's not installed, the disc sounds are infinitely quieter.

Is the hard drive still removable like on the old timey 360s?

Yeah, but none of the older hard drives work on the new one. The hard drive is smaller and internal.
Also, those memory sticks they used to make no longer have a port here. They expect you to use USB sticks from mow on.

The new hard drive caddy design exposes the real SATA connectors directly, which should make it easier to use your own drive (maybe just a bit of padding around it), but this is still not as good as the PS3's implementation (which just has a naked drive fitted behind a panel).
They aren't supporting memory sticks because this new design will most likely feature a hard drive across all SKUs.

Nah there's no chance of you using your own drives unless they've done some massive changes, the systems are hardcoded to only accept specific models and sizes of drive partitioned in an exact manner so you can't just chuck in a 500GB SATA NTFS formatted drive and think it'll work. The closest to a DIY solution you can get is to buy one of the specific model drives and deploy a ghost image of an equal size 360 drive

...oh. Wow, that sucks. :(
On the plus side, 250GB as the new minimum will be enough for many people.

They're coming out with an arcade model of the new 360 in the fall.

I'm getting one in a week (when they are out in Poland). I can't stand my old 360 (one of the first models) - it's louder than my vacuum cleaner.

Yes, they removed the red LED lights from the console :D
But seriously, they made the cooling more effective, there is only one chip now (it includes both the CPU and the GPU) and there is a failsafe implemented that will make the console turn itself off in case of overheating.

Nice, i bought 360 elite few months ago. If i knew about this new one being released i wouldn't have bought the old one.
On the other hand if i knew that console gaming was not my thing i wouldn't have bought 360 at all.

So you actually bought another 360?
I went and bought a new PS3 to bring to Canada. Screw the 360.

Oh no, God forbid. One is enough.

If I wanted to bring a 360 with me, I had to buy another one, because my family saw it as "unfair" that I was taking the 360. So I sold our original PS3 (we had two) and pretty much got the new one for free using the credit from that.
We had two PS3s because the original one broke and it cost the same to get a new one as it did to repair it. Eventually I repaired it anyway, figuring I may have use for a second one. Turns out I did, because GameStop was running a special where trading it in netted you a great return.

I�m thinking about buying a S model myself. Got an old one from launch and it�s starting to fall apart.