During the Electronic Entertainment Expo last June, Microsoft wowed the crowd with the announcement of its new Xbox Elite Controller. The hi-tech gamepad - with its swappable buttons, custom user profiles, and superior build quality - promised to be the definitive tool of choice for serious gamers.

Now - after a few months of anticipation, it's finally here. Does the Elite Controller live up to the hype? Or is all that promised innovation dwarfed by its steep $150 price tag? Let's take a look at what the reviewers are saying.

IGN's Lewis Leong gave the device an 8.5 out of 10, praising the custom profiles and shooter friendly hair-trigger locks. However, the $150 asking price proved to be too much to overcome.

'Throughout my time with the Xbox Elite Wireless Controller, all I could think was, "Wow. I really want this." But at $150, I'm not willing to drop that much cash for a game controller.' He writes.

He also docked points for the controller's lack of built-in rechargeable battery.

Ars Technica's review echoed the same sentiments.

'In a way, it feels like Microsoft went a bit too far in the kitchen-sink design of its Xbox Elite pad. I'd gladly pay $80 to $90 for a mid-range version that provided the additional grip buttons (and maybe the hair-trigger shoulder buttons) built with less costly materials.' Says reviewer Kyle Orland.

He believes the new innovations the controller brings - while indeed groundbreaking, will only cater to a small subset of hardcore consumers.

Endgadget, like the other two, also brings up the price as a huge hindrance. They advise:

'At $150, your best bet is waiting for a price drop or a bundle deal unless you're dead-set on getting a leg up against folks online.'

As it stands, the Elite controller is simply too expensive to warrant a purchase from all but the most competitive of gamers.