We have two of the latest generation ("S" versions of the) Xbox 360 video console in my house, a high-end version with a 250 GB hard drive and a lower-end 4G model (that I upgraded with a hard drive). The more expensive version has a glossy, fingerprint-collecting finish and awful, reflective chrome accents. But the lower-end version is paradoxically nicer looking, with a matte finish and no chrome accents. In fact, that's why I use the lower-end version for my personal Xbox: I think the higher-end version looks uglier.
Apparently, many other people agree. So Microsoft is dropping the glossy finish on the Xbox 360 S. In a blog posting, Microsoft notes the following: "We are actively transitioning all our Xbox 360 S consoles to a matte finish. The consoles will start to arrive in stores over the coming weeks, so if you really love the idea of a glossy console don’t wait much longer."
My advice is to wait for the matte version if you're in the market. It's better looking, non-reflective (what you're looking for in a living room device), and doesn't pick up finger prints and other smudges easily.
And while this composite image is a little skewed, it will give you a general idea of the difference between the glossy (left) and matte (right) versions of the Xbox 360 S: