I don't need to write much here because LEGENDofKARL does so much talking in the following video. Of course, come Thursday (the angriest of all weekdays) I might have a few choice words in Game Revolution's Revolutionary Rant.
Yes, Call of Duty Elite is a service coming to Black Ops in Beta form later this year and Call of Duty Modern Warfare 3 in November. There are paid and free versions of the service but what comes with a price tag has not yet been detailed. I don't think we'll hear about that until well after everything involved in the service has been explained in excruciating detail. Kind of like how the Kinect built up a ton of hype behind the tech before Microsoft told us how much we'd be shelling out for the camera peripheral.
If you're interested in finding out more first-hand, you can head to Activision's Call of Duty site and register for the closed beta now.