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If you are looking for an ultra-compact, low-cost flash-based MP3 player, the iPod Shuffle is a good bet. It weighs only 0.6 oz and is not for those who lose their keys often! It does come in several bright colors, which makes it easier to spot, and with a belt clip. There have been some comments about the clip being a bit flimsy, but the reviewers at CNET found it to be sturdy enough to work, if not abused.
The iPod Shuffle takes its name from its ability to "shuffle" your music in a random order for playback. It is a 1 GB player, with a USB cord that connects to either your Mac or PC for music downloads.
It doesn't have a screen for viewing your selections, but does feature one of the easiest navigation systems available for those who want a simple player.
It runs for about $80, and is one of the more cost-effective flash-based players on the market.