Xbox 360 vs. Slim

So the holidays are fast approaching and I've been contemplating getting a 360 slim. I have the regular 360, but this is also my third console, and I'm beginning to see the warning signs that the ol rrod might not be too far down the road. My only issue is during the last holiday season I received a 120gb hard drive. As of right now I mostly use the space to install games so I can prolong the life of my console, but that's only delaying the inevitable. Would it be wise to sacrifice my hard drive space and jump on one of the good sales on a slim? Is there any way I would be able to transfer some data from the old hard drive (I do have at least one game plus dlc for Fallout 3 and GTA IV)?

My slim didn't come with a transfer cable, and neither did the new 250 GB hard drive. Though, I'm not sure if you can get a transfer kit/hard drive bundle or not. I've read some posts from folks who said the transfer kit came with their new hard drives. The transfer kits go for $20 at most places. You can choose what data to transfer, which should make it easier to transfer exactly what you want, if your space is limited.

The slim is awesome man, I just bought one a few days ago after my original RROD on me 2 years ago. I love it.

I have seen youtube vids showing how to install your old harddrive into the new slim model, pretty ghetto but seemed pretty simple.

Just got a 250gb Slim today, and its a lot faster than my original xbox that got the RROD on Thanksgiving. I picked up the transfer cable for $20....Kind of a rip-off but it was worth it.