Okay what is an HDMI port? Well home theatre nerds would describe it like this.....
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The High-Definition Multimedia Interface (HDMI) is an all-digital audio/video interface capable of transmitting uncompressed streams. HDMI is compatible with High-bandwidth Digital Content Protection (HDCP) Digital Rights Management technology. HDMI provides an interface between any compatible digital audio/video source, such as a set-top box, a DVD player, a PC, a video game system, or an AV receiver and a compatible digital audio and/or video monitor, such as a digital television (DTV). In 2006, HDMI began to appear as a feature on prosumer, HDTV camcorders and even high-end digital still cameras.[1][2][3]
It is a modern replacement for older analogue standards such as RF - Coax, SCART, Composite Video, Component Video, VGA, DVI-A, and RCA connectors, and the consumer electronics replacement for older digital standards such as DVI (DVI-D & DVI-I). In the computer world, HDMI is already found on many peripherals and a few newer video cards, with adoption rapidly increasing.
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Did you get all that?

Basically do you have an HD TV? If you do, then you'll have a HDMI port.
Now the question is do you get an "ELITE" or the "PRO" version. (smart move in not getting the core version!

)
The elite is awesome if you have an HD tv, or are planning on getting an HD tv within the life of this console. The extra hard drive space is used to download tv shows and movies that Microsoft makes available.....CURRENTLY NOT AVAILABLE IN CANADA! IT'S ONLY A US THING AS IT STANDS! The elite will come out priced (rumoured) around the same price as a Playstation 3. The "pro" version is staying at the same price of "499.99" Canadian.
The 120 gig hard drive will be sold seperately for $179.99 Canadian.
I have still have 13.5 gigs left on mine (originally 20 gig but the xbox memory and stuff (think windows) use up about 6 gig that you can't remove) and I'm fine with that.
Hope this helps Effortless Pro!