If IGN's text explanation of how the new data transfer cable works just wasn't visual enough for you, you can watch Major Nelson & friends walk through the process in this video:


Video: Xbox 360 120 GB and Elite Migration

Something worth noting -- if you are upgrading from an old console to the Elite, the DRM on some of your licensed content (like movies and Live Arcade games) will require that you be signed into Xbox Live to run on the new console. This isn't a problem if you've always got your Xbox online but if a tornado takes out your 'net connection don't expect to be able to play any Geometry Wars.