If you're just going with a standard 4-wire trailer plug, the Honda one can't be beat. Aside from having to remove panels to access the connectors and routing, it is basically a plug-and-play install.
* EDIT * I'm not sure about later years either as Adrian says, but I know my 2004's harness has a standard-looking four-wire plug at the hitch and looks like all the other plugs I see on A/M hitch harnesses. I'm guessing here but I would think that so long as you have the schematic and know what needs to go where, you can use the Honda harness and modify it at the end to suit your trailer's specific wiring.
And after some of the butchered wiring nightmares I've seen come into work, I won't let anyone touch my Element's wiring except me.
I guess at the end of the day it depends on what you'd like to tow. I have the Honda hitch on my Element (staff discount on it) and probably for most of what I'll use it for (utility trailer, Swagman dual bike rack or my future one or two Aquatrax's :grin

it is more than sufficient.
Also, unless aftermarket hitches bolt-in the way Honda's does, I like the no-drill through-body mounting of the Honda hitch. I'm not a big fan of drilling up into and through the body for mounting positions for aftermarket hitches :twisted:.
* EDIT * Just noticed that Hidden Hitch Class III P/N 87506 is a no-drill model as well and uses the same mounting method as the OEM hitch. If I find the need of a 2" receiver and have to tow more than the Honda hitch is rated for, I will definitely look into Hidden Hitch's product.