If they were designing a system from the ground-up maybe, but at this stage is not exactly necessary, and seeing the huge mistakes made with the design (the thermal flow inside the case is a disaster) I wouldnt be surprised if they already fired some engineers.
...and now that the official X360 HDMI cable for non-HDMI systems has come along, this expensive third-party option is pointless: http://www.xbox.com/en-US/hardware/x/xbox360hdmiavcable/
That's actually only for HDMI systems. It comes with the elite, and it's a bit overpriced, but it does have the audio dongle.
An update on this from the Mad Catz site: http://www.madcatz.com/Default.asp?Page=411&CategoryImg=Xbox_360_Accessories Looks like it plugs straight in the back and HDMI and optical connections out.
I'll have to check. I THINK they're still being made and are best buy exclusive. They're good but sometimes I get blue or yellow splotches that I need to turn the TV off for 30-60 seconds to get rid of.