I picked up an Mpio FY200 MP3 player with some Christmas money and gift certs. A cool little gadget all around! In addition to MP3, it plays WMA and ASF (which doesn't seem that useful). It also has an FM tuner and can record directly from FM broadcasts, from the line input, or from the built-in voice microphone. The only downside: memory on the small side, at 128MB. It's currently got Mahler's 3rd Symphony (coming up with the Philadelphia Orchestra in Feb.), a disc of 20th century clarinet music, Benny Goodman playing some "classical" music written for him, most of My Fair Lady, and a few favorite Wierd Al tunes and other bits of frivolity. Would I like more memory? Sure. Would I like an ipod? Sure. But it'll fill the bill until those get cheap enough to be in my price range.
I've never had a reason to mess with anything beside MP3, but in using WMA, I do have to admit the sound quality is pretty good in approximately half the space of MP3.