I have a xbox360, not elite though.
I use component cable that came w/ 360 to run it @1080i from my monitor.
I bought my 22" monitor @ bestbuy a year before last year's Black Friday sale for 200 bux.
Luckly, my monitor has DVI, vga, composite, and component; my 360 doesn't have any hdmi, so i'm happy w/ my monitor.
My monitor also has 16:10 ratio, but no problem w/ stretch or anything like that.
for the person who said no difference above 720p or something...
dude... obviously u've never tried 360 in 1080... u CAN tell the DIFFERENCE... Most games support 1080i, not 1080p though...
everything looks very crisp and more clear, as it said, "High Definition"
just as what it said, it define things more clearly.
BUT!!! u know what... due to its clarity, u CAN see those unsmooth edges, because 360 doesn't have FSAA or MSAA or any type of AA.
It's WELL WORTH PLAYING IT IN HD!!
Anyways... get LCD TV rather than monitor.
It works well in my monitor due it its composite cable!!
I also have 360 to monitor hookup cable that i bought for 50 bux, it's very..very.. CRAPPY...
so get whatever that's cheap, but has composite or HDMI, in ur case...