My definition of elite is simply fighters who are extremely skilled and really only lose to the very best of the best/could rule the division if it wasn't for other elites. It's a very ambiguous measurement so a lot of people may disagree, but mine is as follows.
HW: Cain, JDS, Cormier (even though he's been boring recently).
LHW: Jones, Gus. Davis and Rashad are close, but not quite there. Would be more if half the division wasn't past their primes.
MW: Anderson, Machida, Weidman
WW: GSP, Condit, Hendricks
LW: Pettis, Melendez, Bendo. Alvarez and Chandler are also elite IMO.
FW: Aldo, Mendes, Edgar. Lamas is borderline.
BW: Cruz, Faber, Barao, Macdonald.
FLW: MM, Benavides.
Surprisingly it seems BW has the most elite level fighters. I still think FW is the strongest division though.
Favorite Fighters - GSP - Vitor Belfort - Raphael Dos Tartarugas - Kenny Florian- Wanderlei Silva - Antonio Rodrigo Nogeuira - Gabriel Gonzaga - Thiago Alves - Forrest Griffin