What are the requirements and benefits of the Thai Elite visa compared to other visa options like the OX visa?

If you 50+ Better do other visa. Cheaper.

Better yet...take a look at the OX visa...if age 50+. Three million baht and you get to stay 5+5 = 10 years...and the 3 million Thai baht remains yours in your Thai bank account. Decide to leave Thailand...take the money with you...vs PAYING ONE MILLION Thai baht for the THAI ELITE Visa

"Applicant must have a bank deposit of no less than 3 million bahts in Thailand or a bank deposit of no

less than 1.8 million bahts and annual income of no less than 1.2 million bahts. Such amount must be maintained in bank deposit in full for at least one year, and keep at no less than 1.5 million bahts thereafter."

I’m pretty sure that 1 million THB is non refundable.

You are not able to stay as long as you like. Each entry to thailand on any of the elite visa programs (other than the discontinued life time plan) gets you stamped in for a year from the date you enter (or as long as your coivd insurance is valid for up to a year).

If you're already inside the country and getting the elite visa, you will get a year extension of stay stamp inked in for 1900baht at the immigration office.

If you don't leave the country during that time when it's running out you go back and apply for a new yearly extension of stay for 1900baht

The elite visa is sold as a multiple entry visa meaning you can exit and enter the country as many times as you want for the validity of the visa. <- although with the covid shit show in effect now that affects traveling that is not all that useful.

You are correct that you would do 90 day reporting