I notice you're from Canada (Ontario like me!), unfortunately we cannot download movies or rent movies from the Marketplace. Currently that feature is only available in the USA. The Elite does have the HDMI cable though so if you have a TV capable of HDMI I would still recommend the Elite.
Good luck finding an Elite... they seem to have disappeared lately...
EDIT: I see you're not interested in HD at all so scratch my point. Also you cannot rip movies to your hard drive.
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