Just been browsing Xbox live indie games and found "Odyssey 3011". Basically Elite for the Xbox 360.
He has a web site http://www.odyssey3011.net/
I've played the trial and can say that a few things have been ripped right out of Elite (Cobra Mk III for one). As the trial is a flat 4 minutes it's quite hard to get a proper feel for the epicness that an Elite like game provides. There is an arcade mode which lets you fight in up to 20 vs 20 battles (I died pretty quickly on that one
The controls are a little slow and its not as responsive as playing Oolite with a controller, although it artificially adds a sense of inertia that can be easily cancelled by simply steering the other way. Also supports keyboard control with customisable keys (haven't checked the feel of that yet though).
At 240MS points, it seems to be a fair price for "hundreds of galaxies" of trading and bounty hunting, whilst being able to chat to friends in your party.
Seems to have some good ideas, like being able to track your profits and losses over time and hiring mercenaries.