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Both are good belts...but in my conversation with Elite, they said that their belt wasn't for hip belt squats, it was for BELT squats. (They picture it hooked to a machine with a cable stack.)
What the difference is...I don't know.
IronMind's belt is more heavily padded. Both are nasty strong. IronMind's belt is probably a tad more secure at the expense of being a little more fiddly to put on. Elite's belt is simple but you'll have to pad around your waist/hips for comfort. IronMind's belt gives you more options...you can use a barbell, or a pin and plate stack. You can turn the belt sideways and hang plates off it, too. Elite's belt can only be used from the front and used with either a pin and plate stack or with just plates by threading the chain through the holes. Check out the videos.
The difference in the way the belts fit, the padding and the manner of use should be obvious by viewing these two videos. Should help you make your choice.
Wicked has a Nice Writeup in the wiki on making your own hip squat belt.
For your four-legged friends: Helping Udders dog toys and treats A portion of the proceeds goes to the canine rescue of your choice. (And I might personally pack your order!!)
Edited by michelle on 07-16-09 04:27 PM. Reason for edit: No reason given.