Pretty much all deals that are going to be available on Black Friday have been unveiled. Things can still change like Best Buy did yesterday by announcing additional Black Friday deals not found in the printed ads. Another dark horse is Amazon. Amazon has the whole week declared as Black Friday and offers each day Black Friday sales, but they announce the pricing only on the day of sale. Amazon has already listed some deals that will be available on Black Friday (November 27th), but without prices.

Take the above considerations into account when choosing the best Xbox 360 deal for you on Black Friday.
Based on the number of games bundled with the Xbox 360 Elite Best Buy has the best offer. The Best Buy offers the Xbox 360 Elite with 6 games for $299.99 on Black Friday.

The 6 games are comprised of Pure and Lego Batman that are part of the Xbox 360 Elite 2009 Holiday bundle. The addition 4-pack of games (a $79.96 value according to Best Buy) includes Wall-E, Ghost Recon 2, Sonic the Hedgehog and Spiderman web of shadows.
If you like all above games than this is a great deal.

I prefer though to get a real rebate and not games that I do not play. Radio Shack has advertised (image) in their Black Friday Ad the Xbox 360 Elite Holiday Bundle (with Pure and Lego Batman) for $299.99 where you get a $60 prepaid card back by mail.
Cash now would be better, but if you do not mind having the cash on a card that comes later in the mail this is a better deal than the Target Xbox 360 Elite offer where you get a $50 Target Gift Card (find Target's BF Ad here).

Update:
If you like the get the game Halo 3 ODST then check out the Kmart Black Friday Xbox 360 Elite Bundle offer that throws Halo 3: ODST in for free. (thanks Stillooking).

Amazon could still beat the above Xbox 360 Elite Holiday bundle deals. We will know on Black Friday. If you know a better Xbox 360 deal please post it below in the comments.
More Black Friday Deals.