I've heard that Live has gotten better, but it definitely has a negative stigma attached to it so rebranding it isn't that bad of an idea. Elite had better be pretty damn good though or else there'll be no point to it.
I'm a loyal 2K player, but I wouldn't be against trying a new game out. There were some things about Live that I liked and wish would be put into 2K, but overall it just doesn't compare.