Ditto what Fungo said. In our area we just call it travel ball. And, yes, anyone can have a travel team and they're not all "elite."
I'd like to think my son's team plays at an elite level. He'll play 14U in 2007. We played Little League through his 11 year old year. Then we got to a point where Little League isn't real baseball anymore. No leadoffs/steals, 60' bases are too short.
In addition to that, if you have 12 kids on your team, only 2-3 can really play. And the coaches...God bless them for volunteering...but real baseball coaches are hard to find (and I lump myself in there too.)
Little League-type baseball is great. For 90% of the youth players out there, it's awesome. But for those players who have the potential and desire to play at a higher level, you have to find a quality travel program.
Our team offers my son much better coaching, and a much better atmosphere in terms of teammates (playing ability) and competition. Plus we've been able to play all over Northern Illinois and even played in Omaha against teams from all over the country.
It's expensive...$750 to get in + travel, food, etc. But for my son, who wants to play in High School, College and maybe beyond, it's worth every penny.
To end, please don't let me sound like Little League is bad. It's just that travel/aau/elite whatever you want to call it has done a better job at helping my son develop as a baseball player.