Okay so in the last 24 hours I watched a bunch of hilarious rumors, insults and accusations hurled around about this service. Basically this trailer will explain to you what the new COD Elite feature is going to be all about. Personally I have no opinion on this. In fact I need to finish posting this trailer as my Dungeon Siege 3 demo just finished downloading. Oh and if this video isn’t enough info for you. Check out this preview from the fine folks at Destructoid. Oh and as usual I snagged this off gametrailers
COD Elite: Trailer/Walk Through
May 31st, 2011 
Bruce McGee 
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When I heard the news I literally laughed out loud. A nice hearty laugh. It felt good. See you gents in Battlefield 3.
The movie making stuff seems interesting, but not if its at a monthly fee. As for the rest, it appears to be stats and stuff that Bungie.net already provides for free, for Halo gamers. I hope they have a free one month trial , or some sort of intro deal, so that gamers such as myself that are not very interested in it can give it a legitimate shot and see for our selves what its really like. If it turns out to be crappy and/ or a money waster per month, I would then be able to actually say that after experiencing it in full. This elite service is not a selling point for me as far as the COD series is concerned, but not a turn off either, after all, gamers will not have to pay for it unless they want.
As far as I know the movie making and stats is free to use stuff. The subscription part comes with DLC and maps packs etc. We will get in to this more this week on Wonderpod, but I think this is only the beginning. Glad to see you caught the Bungie. net thing, because thats exactly what this is for the most part.