Sorry if this has been answered in here, but the thread is kind of long.

I'm saving up to buy an X-Box 360, but I'm having a hard time deciding between the premium package and the elite. What exactly is the extra hard drive space used for? If I just want to play my games multi-player, would the Premium package with the Live Gold subscription be good enough to do this? And finally, does the Gold subscription renew itself and bill me, or will I have to re-up it myself each year?

Thanks in advance to anyone that can answer these for me.