Since you're quoting prices in CAD, I assume you're in Canada. Pio Elites have a three year warranty in Canada, unless Pioneer has recently changed their policy to be consistent with the US (where it is two years).
Elite also gets you a bit more user-control over colour settings (five colour temperature levels instead of three), but the "guts" of the display are pretty much the same. I also understand the Elites have more ISF calibration control & features, but I'm not certain.
Elites also have gold-plated connectors, but if you're using all-digital interconnects (like I am on my 1110HD), this doesn't matter a whit.
Is this worth an extra three thousand loonies? It certainly isn't a slam dunk, eh? I went with the Elite line 'cause I was buying a DVD and receiver (59Avi and 55Txi) at the same time, both of which are Elites, so I guess I was making a complete set.
Most of the discussion from 5030 / 5040 / 5050 etc. owners comparing notes with the 1110 and 1120 owners is that there really isn't much difference in PQ and performance at all.
Ross