The new Xbox 360 design has been a long time coming. The original design wasn’t bad, but going smaller, sleeker and with more integrated components has been rumored and expected for many months and is finally here. Don Mattrick took the stage at E3 and revealed the new sexy beast, complete with 250GB hard drive, built in Wireless N, more USB ports and all new quiet fans and DVD drive all for a cool $299. But is it worth an upgrade? Read on, friends.

The new Xbox 360 S sure is small and sexy. The new black gloss finish is a nice touch and really makes it shine in your entertainment center. It will collect dust fast, just like the original PS3, so keep that mind if you’re OCD about being clean. Having 250GB of hard drive space is great and you’ll probably never fill that on the Xbox 360, so you’ll always have space to install game data, download XBLA games and demos, buy video and music, or whatever it is your do with your console — don’t worry about running low on space anymore. The built in Wireless N is a very welcome addition, meaning you don’t have to buy the extremely overpriced wireless add-on for $100 ever again. You get a few extra USB ports, touch sensitive power and eject buttons, an on-board Optical Audio port (instead of on the video cables), and a dedicated Kinect port on the rear of the console. Nice changes, indeed.

Microsoft touted the new Xbox 360 S as “whisper quiet” and they were pretty damn close. When running the Dashboard or playing games from the hard drive, you won’t hear a peep from the console. Firing up games from disc is also much quieter. On my older Elite, I would inevitably always install the game to the hard drive so I wouldn’t hear the 747-like DVD drive whirl around. With the Xbox 360 S, I don’t mind running things off disc anymore — it doesn’t make me crank the volume on my surround sound to drown it out.

With all the good, there are a few changes that some might not like. The new power adapter cable has a different adapter into the console in addition to being smaller and black. I’ve always had two gaming setups, one in my living room and one in my office, each with their own power and HDMI cables so I could just move my consoles back and forth. With the new power cable not being sold by Microsoft and not coming to retail (as confirmed to Loot Ninja by a Microsoft representative), I’m going to have to wait a while for eBay listings before I can re-make my easy setup. The new console also doesn’t work with your face plates, so if you’ve been collecting them (or had a custom Loot Ninja one made), it won’t work any more. Hang those puppies up on the wall or sell them for some extra cash. The big annoyance for me is the sounds emitted from the power and eject buttons. I’ll quote Justin on this one — “skimming your finger across the eject button emits a sound of a dying African monkey with AIDS.” The console looks very sexy, but these sounds don’t fit the aesthetic at all. I don’t understand why Microsoft didn’t go with something more subtle (or even just the 360′s Dashboard boot and Achievement sounds).

Should you run out and buy one? I wouldn’t jump the gun if you already have a functional Xbox 360. If you’re looking to upgrade, you might be able to trade in your existing setup to GameStop and end up paying the same price as buying a new 250GB hard drive add-on, so check into that. If it’s cheaper to just get the 250GB hard drive, go with that. If you need a new Xbox 360 or don’t have one yet (what’s wrong with you?), definitely make sure you’re getting this new version. I’m extremely happy with this as opposed to my older Elite.

[The Xbox 360 S was sent by Microsoft for being in attendance at this E3 2010 Press Conference.]