If anyone wanted to know, The 360 Elite does not have "handshaking issues" like the PS3 on HDMI.
Good to know but everyone is going to ask what firmware you have on your Westy. I am at 1.0 and have been reading this thread forever and it seems that only one person in all the posts said that they do not have the issue with the PS3. If the Elite does not have the issue then this will confirm that it is not the LCD that has the problem.