It may look like an iPod ripoff, but it plays Ogg Vorbis, is smaller, lighter, has a remote with a backlit LCD, and more importantly, cheaper.
More information and plenty of pictures inside. Also, the article includes a handy-dandy comparison chart comparing this player to other similar 20GB models, including the iPod itself.
And what's better? This player is actually part of Korea's Cowon Systems' iAudio line. The Cowon Systems distributor in America is CompUSA. So, there's a chance that this player might make it stateside.

Vertex Link Corporation will release the "iAUDIO M3," a 20GB HD audio player with included LCD remote, o­n April 23rd. The official price is Open Price, but indicators suggest it should cost around 43,000 yen.

The iAUDIO M3 is a HD audio player made by Korea's Cowon Systems. The external dimensions are 60.8 x 103.7 x 14.2mm (W x H x T), making it a thin player whose case is made of aluminium. It weighs 136g.

Although a LCD display is not furnished o­n the body of the player itself, a LCD remote with a 128 x 98 dot, 6 line display is included. All operations of the player can be conducted with this remote, from basic controls such as volume and play/stop to more complicated controls such as audio positioning effects and equalizer settings. The remote controller's external dimensions are 58.6 x 33.2 x 14.4mm (W x H x T).

It supports the playback of MP3, WMA, Ogg Vorbis, ASF, and WAV. The supported playback bitrates for MP3 are 8 - 320kbps, and for WMA, 20 - 192kbps. The frequency response is from 20Hz to 20kHz, and the signal to noise ratio is 95dB.

An MP3 encoder is featured o­n the player itself, and using the line-in input, MP3 can be encoded at bitrates of up to 320kbps - when using voice recording, the maximum bitrate is 128kbps. Also, it features an FM tuner, and FM transmissions can be recorded at up to 320kbps.

Sound effects such as Mach3Bass, MP Enhance, and 3D surround are included, as well as the high quality audio function "BBE." It also features the "Dynamic Playlist Function" allowing for creation of M3U playlists o­n the unit itself. Shuffle, repeat, all files, single files, folders, and subfolders, and other play modes are selectable.

The player connects to a PC with a USB connection. It supports USB Storage Class, as well as USB 2.0. It can be accessed as USB Data Storage, and audio files can be transferred directly. Apart from including the MP3 creation/transfer software "JetShell (English Version," it comes with the audio synthesis package "JetAudio 6 Basic (English Version)." The included software supports Windows 98 SE, ME, 2000, and XP operating systems. File transfer is also compatible with Mac OS X.

The battery is an internal rechargable Lithium Ion, and has a maximum playback time of 14 hours. Also, a cradle with USB, AC adapter, and line-in ports comes standard. Recharging, audio transfer, and line-in recording can all be done through the use of the cradle. The recharge time is around 3 hours, when using the AC adapter. The battery can also be charged through the USB connection.

The earphones are the "AXE2" from Cresyn. A carrying case, AC adapter, and USB cable are included.

	iAUDIO M3	Reference
		gigabeat G21	3rd Generation iPod	Rio Karma	iRiver H120
HDD	20GB	20GB	20GB	20GB	20GB
Supported formats	MP3 WAV WMA Ogg Vorbis	MP3 WAV WMA	AAC MP3 Audible AIFF WAV	MP3 WMA Ogg Vorbis FLAC	MP3 WMA Ogg Vorbis ASF
LAN support	-	yes	-	yes	-
FM tuner	yes	-	-	-	yes
MP3 recording	yes	-	-	-	yes
LCD display	128 x 96 dot (on remote)	160 x 86 dot	160 x 128 dot	160 x 128 dot	160 x 128 dot
PC interface	USB 2.0	USB 2.0	IEEE 1394 USB 2.0	USB 2.0 Ethernet	USB 2.0
Continuous playback time	14 hours	11 hours	8 hours	15 hours	16 hours
Recharge time	3 hours	3 hours	3 hours	3 hours	3 hours
Remote controller	included (w/ LCD)	included (no LCD)	included (no LCD)	-	included (w/ LCD)
Dock	included (recharge, USB, line-in, line-out)	included (recharge, USB)	included (recharge, USB, FireWire)	included (recharge, USB, Ethernet, line-out)	-
External dimensions (W x D x H)	60.8 x 14.2 x 103.7mm	76.5 x 12.7 x 89.5mm	60.9 x 15.7 x 104mm	77.5 x 29 x 79.5mm	60 x 19 x 105mm
Weight (w/ battery)	136g	138g	158g	168g	160g
Actual price	~43,000 yen	45,000yen	44,940 yen	36,540 yen	41,800 yen

Inspired by:
http://www.watch.impress.co.jp/av/docs/20040420/vertex.htm

Product Information (Japanese):
http://www.vertexlink.co.jp/product/multimedia/iaudio_m3/

Press Release (Japanese):
http://www.vertexlink.co.jp/news/press/2004042001.html

Product Information (English):
http://www.cowon.com/eng/product/iAUDIOM3/about.html