http://www.xbox.com/en-US/support/systemuse/xbox360/licensemigration/faq.htm
Only caveat is only being able to use it once every twelve months, but it your consoles break down that often you must be doing something wrong. :)
Just spent part of this morning doing that.
MS will do that for you if your console needs to go back. Its only the end user that can do it only once.
So Ive got to sit and go through all the stuff I bought on my Premium and then hit redownload on my Elite ?
*sigh*
Couldnt they have released an actual tool to do it for you ?
If you already have a copy on the Elite you shouldnt have to actually "download" download it again, it basically just downloads the license. But yeah, you need to do it for every piece of content.
Of course, you could just do it for each piece as needed so it only adds a few seconds before you start a game rather than 20 minutes all in one go.
^ I thought that too but then I only really play arcade games if my net connection is down OR if Live! is offline; at which point I wouldnt be able to DL the license :s
*sigh* ;)