If I have a 24" LCD capable of 1080p, does the 1st party VGA cable allow me to run 1080p? Or is it solely something that only the Elite’s HDMI is capable of?
Yeah it should let you do the 1080p.
The Xbox 360 supports 1080p over component, HDMI and VGA. Only HDMI and VGA allow for 1080p upscaling of DVDs, but you can get 1080p over component for games and everything else (Note: Not all TVs support 1080p over component, but my Westinghouse 1080p set does). Until I got my HDMI-equipped Premium last week I was using VGA out from the 360 to my TV in 1080p mode, so I’m absolutely sure it works (assuming your TV isn’t retarded).