I finally found an xBox 360 Elite Holiday bundle in stock (at a GameStop) and broke down and purchased one- assuming that since these guys have been so out of stock for so long that the new ones must be the falcon chipset: I think I was wrong.
After getting the box home and doing a more detailed examination I noticed that the box had been resealed: There was a large clear circle sticker covering a smaller version that had obviously been cut:
I did a thorough of the label on the side; it looks like the ‘Team: TMEM’ is just a sticker placed over an older sticker- and I could faintly make out ‘LOT NO: 0728’ on the prior sticker (click on the image for a larger picture). I believe the first batch of Falcon chipset found in the Halo collectors edition was 0737.
My fears were confirmed when I checked the serial number for the manufacture date- it was 2007-07-17- this unit was manufactured three months ago (before the Falcon chipset were even out):
I checked the gutty-works of the system with a bright flashlight and there are three copper tubes (heat pipes) on the heat sink- So I have a Zephyr chipset that was reboxed to add the game bundle. The ironic part is the GameStop employee a) didn’t know there was an Elite holiday bundle until I told him about it and he looked in the back and b) he told me I was getting one of the newer CPUs.
My guess is that Microsoft either sent out ‘upgrade packages’ or took all of their warehouse stock and inserted the holiday game case and slapped some new stickers on the box. I have seen some Premium and Arcade systems that have visible lot numbers over 0739 (at Fry’s) but I have also seen the double-tagged Premium systems (at Best Buy)- I guess it will be another month or two before all the Zephyr systems are gone.
I guess I could return it but I think I am happy with this one; it isn’t any where near as loud as the 360 Premium I returned a few weeks ago and it has all the accessories that I wanted (digital audio cable, 120GB HD, bonus games, etc).
As karma would have it I came across some closeouts 360 games at BrandSmart:
Final Fantasy XI: $12.88
Enchanted Arms: $14.88
Battle for Middle Earth II : $14.88
Dead Rising: $28.88
Total bill for four 360 games: $71.52
Brooskie's Log Book 
Just bought an xbox 360 at my local Store on December 4th. It had the same stickers. On the sticker they also had PO and WO. I assume it means Work Order # and Purchase Order #. Kinda Odd.
same here and from game stop. the one i looked at at walmart didnt have any of those. !@#$ i think we have been had by these stores and refurbs. Im never buying from gamestop again, at least for systems. i think mine is older than a Zypher, oh well sent it in 3 weeks ago so should get a falcon back from MS (RRoD).