If you really want an MP3 player with more functionality, check out Archos or i-River.
Color LCD screens? Pixels go bad. Dust and debris get inside the screen.
Contains a hard drive? Hard drives are known to break when they're dropped.
Memory sticks are still an expensive way to store data.
Want a Mp3 player to just play MP3s? With a respectable amount (700 MB) of storage that can be swapped out? For cheap? Want a way to store your music that won't cost you a lot of memory per "stick"? Want a player that can be fairly easily replaced without setting you back too far if lost, stolen, or damaged?
Think lower tech. High tech does not always mean that it will be the best product for your needs.
Get a portable CD player that recognizes MP3 file formats. (Better yet, find one that recognizes Ogg-Vorbis [.OGG] file formats.)
Each CD can store 700 MB of data. I burned a CD last night with 178 songs stored recorded in good quality (128 kbps) MP3. I used only 641 MB out of the 700 MB of space available. That's about 10 hours of music stored on a CD for pennies a CD. The player, with car cassette adapter and car power adapter, costs about $60 and works off of a single AA battery. The player can read, recognize, and display ID3 (artist / title) tags embedded in MP3 files. Make sure your CD player can display ID3 tags before you buy it.
I am extremely happy with it for the price. There's about 12-15 normal audio CDs worth of music stored on one CD. I have to be somewhat more judicious to make sure that I record the right mix than I would if I had a hard drive-based MP3 player that could store more music, but the cheap cost of CD-Rs offsets that. I can carry a small CD case for an extended trip and not run out of music. Skip protection should offset any light jogging I'd do. It's not tiny portable, but it's portable enough. Combine that with the portable speaker system I bought a few months back, and I have a portable stereo system. Combine that with the $1 digital radio I bought a few weeks ago, and I can get FM stations too.
MP3 CD players are HIPAA compliant safe. MP3 players based off of writable memory sticks or hard drives are not. You can't bring them into government buildings or healthcare facilities, which means that corporate America may decide to ban them from their work places as well.