revpilot
The basic differences.... the Elite has what is called a forked recoil lug ( essentially an extend length recoil lug that provides better stability and it also serves to cantelever the barrel better to help insure barrel floats in the stock.
The elite does not have open sights and the barrel is turned down to a smaller dameter to reduce weight.
Other than that they are basically the same... if you find an Extreme with the fluted barrel it will be about 3/4 ounces heavier than a Elite.
They are both great shooters....
The Elite is preferred by most because of the recoil lug...