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I don't know about the codecs, but yeah the PS3 has a wireless network adapter built-in, whereas you're gonna throw down another $100 to get that same setup on your 360.
DualShock 3 ftw, Q.
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On that note, I'd suggest not bothering with the Elite and getting the normal model. You can then spend the money you save on the wireless adaptor. Unless you're going to be storing a shit load of media files on it, you're very unlikely to fill up the HDD on the standard model and unless you're gay for black consoles, there's little other benefit I see in buying an Elite.
Jam it back in, in the dark.
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Fluffykitten McGrundlepuss